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#5 (155), November 2025
Editor❜s Note
October turned out to be full of surprises
At the beginning of October, we took part in the traditional KAZENERGY Forum. It is a major autumn networking event in Astana, where one can meet old colleagues, make new connections, gain industry insights, and hear the perspectives of top analysts and top managers from different countries on the future of the oil and gas sector.
Exclusive
On the Fragmentation of the Global Oil Market and Kazakhstan❜s Role in Current Processes
Exclusive interview with Vyacheslav Mishchenko, international energy market expert and former Head of Argus Media in Eurasia
– Vyacheslav, let us begin with an overview. How would you assess the current state of the global oil market?
– I would like to highlight one important fundamental process that has become evident over the past few years – the fragmentation of the global oil market.
Expertise
Kazakhstan Tightens Rules for Mini-Refineries: from «Semi-Finished Product» to Euro Standards
In recent years, Kazakhstan’s oil refining sector has become the arena of a quiet but fundamental clash of interests. On one side is the state, seeking to meet domestic demand for fuels and lubricants fully and to shut down channels of “grey” and “black” exports. On the other side are dozens of mini-refineries, for which the export of “semi-finished products” has long been almost the only way to survive.
Strategic Challenges of Oil Refining and Petrochemicals in Central Asia and the Caspian
What challenges and opportunities does the refining and petrochemicals sector face, and what awaits it in the near future? The conclusions and forecasts in this article are based on the results of BCG’s global research and analysis prepared by the company’s offices in Tashkent, Almaty, and Baku.
Technology
Enhanced Oil Recovery – Addressing the Key Challenge of Kazakhstan❜s Mature Oil Fields. Takeaways from the SPE Almaty Section Technical Seminar
Oil and gas production continues to play a major role in Kazakhstan’s economy — as of 2022, the sector accounted for more than 50% of the country’s total exports and nearly 40% of net investment inflows. Consequently, the development of the oil and gas industry largely determines the strategic trajectory of Kazakhstan’s economic growth.
Rethinking Risk: Why Enhanced Oil Recovery Still Lags and Why It Shouldn❜t
We can start this introduction with a little game. Imagine that you’re an engineer-in-training, full of ambition and excitement about entering the oil and gas industry. Before even setting foot in school, you decide to get a head start and do some reading on how things work. Naturally, you begin with a quick internet search, typing in keywords like “oil recovery processes” or “oil extraction stages.”
Oil Chronicles
Oil Chronicles. August 2025
As of August 1, the wholesale ceiling price for liquefied petroleum gas has been set at 59,722 tenge per ton (excluding VAT), representing a 15% increase from the previous rate. Retail prices will rise by 7–10 tenge per litre (9–13%), depending on the region.
The new wholesale price will remain in effect from August 1 through December 31, 2025. The Ministry of Energy expects domestic LPG consumption in Kazakhstan to reach 2.6 mln tons this year, up from 2.4 mln tons the previous year. The government abolished state regulation of wholesale and retail prices for gasoline and diesel, effective February 1, 2025, while maintaining price control over liquefied gas.
Oil Chronicles. September 2025
September 1, at the CPC Marine Terminal, a two-week scheduled preventive maintenance of the Single Point Mooring SPM-3 was completed. During this maintenance, floating and subsea hoses were replaced, and the system was put back into operation.
“In the meantime, crude oil loading to tankers at the CPC Marine Terminal is being handled by two single-point moorings: CPC SPM-1 and CPC SPM-3,” the consortium reported.
Legislation
New tax code – What Should Subsoil Users Expect?
On 18 July 2025, the President of the Republic of Kazakhstan signed the new Code of the Republic of Kazakhstan on Taxes and Other Mandatory Payments to the Budget (the "Tax Code"), marking the beginning of a far-reaching reform in the taxation sphere.
Geology
A New Vision of Oil and Gas Prospectivity in the Northern Caspian Shelf
Geological exploration in the Kazakhstan Sector of the Caspian Sea (KSCS) has been actively pursued since the Republic of Kazakhstan gained independence. The initial foundation for these efforts was established through extensive 2D seismic surveys conducted across the entire shelf by the Kazakhstancaspishelf (KCS) consortium, with related interpretation results released from 2000 onwards. Over the past three decades, exploration has yielded both remarkable successes (the most impressive of which was the discovery of giant and medium-sized reef-type fields such as Kashagan, Aktoty, Kairan and Southwest Kashagan) and a wealth of geological and operational experience that requires re-evaluation to determine future development strategies.
Forums
Kazakhstan Energy Week 2025: Defining the Country❜s New Energy Reality
Kazakhstan Energy Week 2025, held in early October in Astana, served as a crucial platform for discussing the prospects for Kazakhstan’s energy sector development and its role in the global energy system.