Financier №3 (43) 2026

What does Kazakhstan’s oil and gas sector look like today?

The modern oil and gas sector largely relies on two types of projects. On the one hand, there are Tengiz, Kashagan, and Karachaganak - major international projects that account for the bulk of production and remain the backbone of the country’s export potential. On the other hand, there are mature fields, many of which are in the later stages of development. Maintaining production levels at these assets requires ever‑greater investment and new technological solutions.

What are the key challenges facing oil and gas companies in Kazakhstan and the region today?

One of the main challenges is the increasing complexity of the resource base. New projects require larger investments, more sophisticated technologies, and longer implementation timelines. At the same time, companies must maintain efficiency amid fluctuating commodity market prices.

The role of the government is also important here. In particular, the Enhanced Model Contract (EMC) mechanism is designed to create more attractive conditions for implementing complex oil and gas projects. For investors, clear and long‑term rules are especially critical.

Another key issue is export logistics. The limited number of routes underscores the importance of reliable infrastructure and diversified supply chains. KPMG’s global industry reports also show that supply chain resilience and geopolitical risk management are among the top priorities for company executives.

How does digitalization affect auditing in the oil and gas industry?

Data analytics and artificial intelligence enable auditors to process large volumes of information, detect anomalies faster, and draw more substantiated conclusions. At KPMG, digital tools and data analytics have already become a standard part of audit procedures: they help assess risks in greater detail and support well‑balanced professional judgments.

At the same time, it is important to understand that technology supports the auditor’s work rather than replacing it. Data point to where potential risks may lie, but the assessment and interpretation of results remain the expert’s responsibility. As a result, auditing is becoming more technology‑driven and risk‑focused, while experience and deep expertise retain their key importance.

What trends will shape the sector’s development over the next five years?

I would highlight three main areas. First, the growing role of the gas segment. Rising domestic demand and the expansion of gas infrastructure are fueling interest in new gas projects and the necessary supporting infrastructure. Second, the development of petrochemicals and the modernization of refining. This offers the opportunity to create more value within the country. Modernization of existing refineries is ongoing, and the development of new capacities is under consideration to ensure the domestic market is supplied with high‑quality petroleum products. Third, geological exploration and the development of new fields. To sustain production over the long term, it is essential to replenish the resource base, explore deeper horizons and new areas, and continue appraisal work at existing fields. Such projects require substantial investment, advanced technologies, and often the involvement of strategic partners.

What role do ESG and artificial intelligence play for the industry?

ESG is increasingly influencing investment decisions: alongside financial performance, investors assess the quality of corporate governance, environmental responsibility, and business transparency. Artificial intelligence helps improve operational efficiency, forecasting, and management decision support.

As shown by KPMG’s 2025 Global Energy, Natural Resources and Chemicals CEO Outlook, both ESG and AI are high on the industry’s agenda. At the same time, their practical value depends on how consistently they are integrated into companies’ strategies and operations.