Kazakhstan

Kazakhstan’s extractive sector plays an important role in the country’s development, with revenues constituting more than half the state budget. The country has the largest recoverable crude oil reserves in Central Asia. With much government revenue coming from the extractive sector, in 2005 Kazakhstan was among the first countries in the region to announce its commitment to the EITI. One of the biggest oil fields – Kashagan – started its oil production in 2016, after 16 years of development and more than US$50 billion of investment. Together with the Tengiz and Karachaganak oilfields, Kashagan is expected to be one of the main contributors to economic growth in Kazakhstan in coming years. In addition to oil, mining companies contribute about 35 per cent of state revenues.