Most of Kazakhstan’s oil and gas reserves have not been developed. Many areas remain under- or unexplored. It is expected that a considerable portion of Kazakhstan’s potential oil and gas reserves will be located offshore in the Caspian Sea. Future reserves will be discovered and developed using international technology that was unavailable to the nation during the Soviet period. Those reserves will be commercially justified with better access to world markets.

About 250 oil and gas accumulations have been identified in Kazakhstan, of which 107 have been developed. Four basins/provinces, considered to have the most potential for undiscovered reserves, are (in order of descending potential):

1. North Caspian (Peri-Caspian) Basin, also referred to as the Pri- or Pre-Caspian Basin

2. Middle Caspian Basin–Mangyshlak province

3. South Turgay Basin

4. North Ustyurt Basin

Kazakhstan’s cumulative oil production is estimated to be 3.8 billion barrels (bbl); its identified reserves are approximately 13.2 billion bbl. Probabilistic estimates of undiscovered oil/condensate are in the range of 14 billion bbl (P₉₅) to 89 billion bbl (P₅), with the mode (most likely) at 26 billion bbl. Potential gas reserves are equally impressive, with identified reserves of 83 trillion cubic feet (tcf). Probabilistic estimates of undiscovered gas are in the range of 66 tcf (P₉₅) to 495 tcf (P₅), with the mode (most likely) at 124 tcf. The bulk of undiscovered oil/condensate and gas reserves is estimated to be attributable to Kazakhstan’s portion of the North Caspian (Peri-Caspian) basin.