Business Lines

Key indicators for 2025

724

hydrocarbon reserves (2P), million tons of oil equivalent
26

volume of oil and gas condensate production, million tons
83

volume of transportation, million tons
21

refining volume, million tons
2393

EBITDA, billion tenge
1233

free cash flow, billion tenge
682

capital expenditures on an accrual basis, billion tenge

Geography

OPERATING PRODUCTIONS ASSETS

MEGAPROJECTS

Oil pumping station

Head oil pumping station

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Upstream

Refining

Transportation

Petrochemical industry

Oilfield services

Exploration

Upstream

KMG produces 25% of oil and condensate and 15% of gas in Kazakhstan. Production is carried out by 9 operating assets of KMG, as well as 3 megaprojects, where Chevron Corp, Exxon Mobil Corp, Royal Dutch Shell PLC, Eni SpA, TOTAL SA, Inpex Corp, CNPC, and LUKOIL act as partners.

The total volume of oil and gas condensate production in 2021 was 21.6 million tons or 444 thousand barrels per day. The shares of operating and mega-projects for production amounted to 64% (14 million tons) and 36% (7.7 million tons), respectively.

Until 2031, KMG plans to ensure a total oil production of 240 million tons

Operating assets	Region	Website
JSC Ozenmunaigas Share of KMG - 100% Oil and gas condensate production 5,332 thousand tons in 2021	Mangystau region
JSC Mangystaumunaigaz Share of KMG - 50% Oil and gas condensate production - 2,944 thousand tons in 2021	Mangystau region
JSC Embamunaigas Share of KMG - 100% Oil and gas condensate production 2,522 thousand tons in 2021	Atyrau region
JSC Karazhanbasmunai Share of KMG - 50% Oil and gas condensate production -1,048 thousand tons in 2021	Mangystau region
JV Kazgermunai LLP Share of KMG - 50% Oil and gas condensate production - 727 thousand tons in 2021	Kyzylorda region
PetroKazakhstan Inc. Share of KMG - 33% Group of companies whose shareholders are CNPC E&D (67%) and EP KazMunayGas (33%) Oil and gas condensate production -600 thousand tons in 2021	Kyzylorda region
Kazakhturkmunay LLP Share of KMG - 100% Oil and gas condensate production -434 thousand tons in 2021	Aktobe region
Kazakhoil Aktobe LLP Share of KMG - 50% The participants of the Company on a parity basis are the national company «KazMunayGas» and Caspian Investments Resources Ltd (Sinopec) Oil and gas condensate production -298 thousand tons in 2021	Aktobe region
Urikhtau Operating LLP Share of KMG - 100% Oil and gas condensate production - 47 thousand tons in 2021	Aktobe region

Non-operational assets (megaprojects)	Region	Website
Tengizchevroil LLP (TCO) Share of KMG - 20% Oil and gas condensate production - 26,553 thousand tons in 2021	Atyrau region
North Caspian Operating Company N.V. (NCOC) Share of KMG - 8.44% KMG Kashagan B.V. (16.88%), Eni (16.81%), Exxon Mobil (16.81%), Shell (16.81%), TOTAL SA (16.81%), CNPC (8.33%), INPEX North Caspian Sea (7.56%) Oil and condensate production - 16,236 thousand tons in 2021 Production of oil and condensate for the share of KMG (8.44%) - 1,344 thousand tons	Atyrau region
Karachaganak Petroleum Operating B.V. Share of KMG - 10% Production of liquid hydrocarbons - 10,338 thousand tons in 2021	West Kazakhstan region

Refining

KMG controls four of the largest oil refineries in Kazakhstan and two in Romania. In 2021, the total processing volume was 18.9 million tons. In H1 2026, the conversion ratio at Kazakhstan's refineries amounted to 93%.

Kazakhstan	Region	Website
Caspi Bitum Processing capacity 0.9 million tons Share of KMG 50.00%, jointly with CITIC	Mangystau region
Shymkent Oil Refinery Processing capacity 6.0 million tons Share of KMG 49.72%, jointly with CNPC	Turkestan region
Pavlodar petrochemical plant Processing capacity 6.0 million tons Share of KMG 100%	Pavlodar region
Atyrau Oil Refinery Processing capacity 5.5 million tons Share of KMG 99.53%	Atyrau region

Romania	Region	Website
Vega Processing capacity 0.3 million tons Share of KMG 54.63%, jointly with the Government of Romania	Ploiesti district, Ploiesti
Petromidia Refinery Processing capacity 4.6 million tons Share of KMG 54.63%, jointly with the Government of Romania	Constanta district, Nevodar

Transportation

The two oil transportation modes at KMG are trunk pipelines and the marine fleet. In 2021, the consolidated volume of oil transportation through trunk pipelines to KMG was 64,710 thousand tons. The total volume of sea transportation of oil in 2021 was 9,855 thousand tons.

Transportation by trunk pipelines	Region	Website
Caspian Pipeline Consortium (CPC) Key destinations: exports to Europe Capacity – 67 million tons per year Share of KMG 20.75%	Atyrau region
MunaiTas North-West Pipeline Company LLP (MT) Key destinations: exports to China, domestic market Capacity – 6 million tons per year Share of KTO 51%	Almaty
Kazakhstan–China Pipeline LLP (KCP) Key destinations: exports to China, domestic market Capacity – 20 million tons per year Share of KTO 50%	Almaty
KazTransOil JSC Key destinations: exports to Europe and China, domestic market The capacity of the Atyrau-Samara section is 17.52 million tons per year Aktau Port capacity - 5.2 million tons per year Share of KMG 90%, 10% of shares is owned by minority shareholders who acquired them under the People’s IPO program.	Astana

Transportation by sea	Region	Website
NMSС Kazmortransflot LLP is the national sea carrier The main routes of sea transportation of oil: • routes in the water area of the Caspian Sea; • routes in the waters of the Black and Mediterranean seas. Share of KMG 100%	Mangystau region

Petrochemical industry

KMG is actively working to create a domestic petrochemical industry which is a new stage in the development of the national company. In 2022, the KPI plant for the production of polypropylene is launched. Also, together with international oil and gas companies, KMG is starting to implement projects for the production of butadiene and polyethylene.

	Region	Website
Kazakhstan Petrochemical Industries Inc. LLP (KPI) Share of KMG: 49.5% Capacity: 500 thousand tons of polypropylene per year	Atyrau region

Oilfield services

KMG coordinates service areas by maintaining the current level of production, developing new projects, and increasing competitiveness, and also takes into account its leading role in maintaining social stability in the regions of presence. The service activity of KMG is provided by 11 main companies

	Region	Website
KMG Systems and Services LLP Share of KMG - 100% Services: • Granting for use, operation, management, and maintenance of the North Caspian ecological oil spill response base and other infrastructure facilities to support offshore oil operations; • Creation of infrastructure facilities to support offshore oil operations; • Prevention of oil spills and response to them at sea and on land; • Participation in projects for the production and maintenance of oil and gas equipment;	Astana
KMG Drilling&Services LLP Share of KMG - 100% Services: Drilling and construction of offshore oil wells.	Astana
Oil Services Company LLP Share of KMG - 100% Services: • drilling and development of oil and gas wells; • overhaul and underground workover of wells; • chemicalization of technological processes of oil production; • transport services and other activities on a license basis.	Aktau

Exploration

KMG is implementing 11 exploration projects and conducting additional exploration at its producing assets..

According to the audit conducted by the international independent consulting firm DeGolyer & MacNaughton in accordance with the PRMS international standards, as of 31 December 2025, KMG's proved plus probable (2P) hydrocarbon reserves amounted to 724 MMtoe (5,626 MMboe).

	Region
Kurmangazy project Project participants: • KazMunayGas NC JSC — a 50% interest in the PSA; • RN-Exploration LLC (a wholly-owned subsidiary of Rosneft PJSC) — a 50% interest in the PSA. The project operator is Kurmangazy Petroleum LLP — a 100% interest in the authorized capital is held by KazMunayGas NC JSC. The project is funded by KazMunayGas NC JSC and RN-Exploration LLC on a parity basis — each party bearing 50% of the project costs.	Kazakhstan sector of the Caspian Sea
Central Project Project participants: • KazMunayGas NC JSC — 50%; • TsentrKaspneftegaz LLC (a 50/50 joint venture (JV) of LUKOIL PJSC and Gazprom PJSC) — 50%. The subsoil user is Neftegazovaya Kompaniya Tsentralnaya LLC, which is registered in the Russian Federation. Funding during the exploration phase is provided by TsentrKaspneftegaz LLC.	Russion sector of the Caspian Sea
Khvalynskoye Project In 2005, KazMunayGas NC JSC and LUKOIL PJSC established a 50/50 joint venture — Caspian Oil and Gas Company LLC, which will be granted the subsoil use right upon the signing of the Production Sharing Agreement. The project is funded by KazMunayGas NC JSC and LUKOIL PJSC on a parity basis.	Russion sector of the Caspian Sea
Bekturly East Project Project participants: • KazMunayGas NC JSC — 50% of the subsoil use right; • Kokel Munai LLP — 50% of the subsoil use right. The project operator is Becturly Energy Operating LLP. Funding during the exploration phase is provided by Kokel Munai LLP on a carry financing basis.	Mangystau region
Bolashak Project Subsoil user: Bolashak Operating LLP, a 100% subsidiary of KazMunayGas NC JSC. Funding – from the own funds of KazMunayGas NC JSC. Region: Mangistau Region (partly in the Kazakhstan Sector of the Caspian Sea).	Mangistau Region, Kazakhstan Sector of the Caspian Sea
GSS 2.0 Project Subsoil user (holder of GSS licenses): KMG Barlau LLP, a 100% subsidiary of KazMunayGas NC JSC. The project involves conducting geological survey of 3 blocks: Bereke, Shygys, and Southern Shu-Sarysu. Funding – from the own funds of KazMunayGas NC JSC. (Bereke - Aktobe and Atyrau regions; Shygys - Aktobe region; Southern Shu-Sarysu - Ulytau region).	West Kazakhstan region
Berezovsky Project Project participants: • KazMunayGas NC JSC — 50% of the subsoil use right; • Sinopec International Energy Investment Holdings Netherlands B.V. — 50% of the subsoil use right. The project operator is Akkaiyn Operating LLP. Funding during the exploration phase is provided by Sinopec on a carry financing basis.	West Kazakhstan region
Zhylyoi Project Project participants: • KazMunayGas NC JSC — 50% of the subsoil use right; • CNOOC Hong Kong Holdings Limited — 50% of the subsoil use right. The project operator is Zhylyoi Operating LLP Funding during the exploration phase is provided by CNOOC on a carry financing basis.	Atyrau region
Shygys Project Project participants: • KazMunayGas NC JSC — 50% of the subsoil use right; • Geoenergija Razvoj d.o.o. — 50% of the subsoil use right. The project operator is Shygys Operating LLP Funding during the exploration phase is provided by Geoenergija Razvoj d.o.o. on a carry financing basis.	Aktobe region
Al-Farabi Project The subsoil user under the contract is Al-Farabi Operating LLP with the participation of: • KazMunayGas NC JSC — 50.1%; • LUKOIL PJSC — 49.99%. Funding during the exploration phase is provided by LUKOIL PJSC on a carry financing basis	Kazakhstan sector of the Caspian Sea
Karaton Podsolevoy Project The subsoil user under the contract is Karaton Operating Private Company with the participation of • NC KazMunayGas JSC - 50%; • TATNEFT PJSC - 50%. Funding during the exploration phase is provided by Tatneft PJSC on a carry financing basis	Atyrau region