Global Energy Center Nonresident Senior Fellow Ariel Cohen writes for Natural Gas Europe on why Kazakhstan is an important alternative supplier for European oil and natural gas consumers:
Recent events in Ukraine and Russia’s anti-Western rhetoric and military posture force European energy consumers to look for alternatives for Russian hydrocarbons. One of the possible suppliers of both oil and gas could be Kazakhstan, which boast the largest hydrocarbon resources in the oil-rich Caspian basin.
Kazakhstan is among the top 15 countries in the world when it comes to essential oil reserves, having 3% of the world’s total oil reserves. Oil and gas areas comprise 62% of the country, and there are 172 oil fields, of which more than 80 are under development. More than 90% of oil reserves are concentrated in the 15 largest oil fields, including the giants: Tengiz, Kashagan, Karachaganak, etc.