Historical Kazakhstan

The oil and gas industry is the major and most rapidly growing industry in Kazakhstan. Oil and gas revenue accounts for a significant part of Kazakhstan's GDP, its Budget and foreign trade receipts. Kazakhstan holds vast hydrocarbon reserves, including potentially the third largest oil reserves in the world, following Saudi Arabia and Iraq. Proven sea and land hydrocarbon reserves of Kazakhstan are estimated at about 30 billion barrels. About 70% of those reserves are located in the west of Kazakhstan and a considerable majority of them are associated with salt deposits at the depth of more than 5000 metres. Potential oil reserves of Kazakhstan (located mainly in the Caspian Sea region) are estimated at 60 billion barrels.