Kazakhstan’s upstream sector takes stock after nationwide unrest

Early 2022 brought the most traumatic events in Kazakhstan’s 30 years of modern independence. Widespread protests and civil unrest led to unprecedented scenes of violence. The security situation has now stabilised, but more than 160 lives were lost. Kazakhstan matters for the global energy industry, given the scale of its output and the value at stake for international investors. We address several core questions on the repercussions for the Kazakh oil and gas sector: • Near-term production - what was the impact? • Risk perception - will this change how investors view Kazakhstan? • Regulatory environment - will the new government continue market-oriented reforms? • Energy transition - will Kazakhstan still keep pace with its net zero ambitions?