Kazakhstan is Central Asia's largest oil producer and a core location for the Majors. Three super-giant projects dominate the upstream industry: Tengizchevroil, Kashagan and Karachaganak. These megaprojects account for 60% of liquids production, 70% of gas sales and most investment. The corporate landscape is diverse and also includes assets held by state-owned NC KazMunaiGas and Chinese NOCs. Kazakhstan is landlocked, but is now well-served by liquids and gas export routes to the west and east. It continues to attract new entrants, further incentivised by recent tax and regulatory reforms.