MECHANISMS OF STATE REGULATION IN THE OIL AND GAS SECTOR OF KAZAKHSTAN

Abstract

This article explores the significance of the oil and gas sector in Kazakhstan’s economy. The industry contributes between 15-20% of the country’s Gross Domestic Product (GDP) and generates 40-46% of state budget revenues. Additionally, oil and gas products account for 60-70% of Kazakhstan’s total exports. The article examines the sector's influence on infrastructure and social progress, highlighting its role in job creation, funding social programs, and enhancing transportation and energy infrastructure. However, volatility in oil prices can challenge the stability of the national budget. The study also delves into Kazakhstan’s oil and gas reserves and its standing in the global energy market. With over 200 oil and gas fields, including major deposits such as Tengiz, Karachaganak, and Kashagan, the sector is pivotal to the country’s energy industry. The ongoing growth in oil production and the discovery of new reserves strengthen Kazakhstan’s energy security. Nevertheless, the industry also presents challenges, such as environmental concerns and social disparities. Therefore, economic diversification, reinvesting oil and gas revenues into processing industries, and adopting sustainable development policies are crucial for ensuring long-term economic stability.