Atyrau Oil & Gas
How Chevron Is Reshaping Kazakhstan❜s Economic Landscape
When the young Republic was still building the foundations of its economic system in the early 1990s, developing natural resources became more than a sectoral objective. It was a condition for the state’s survival. Oil and gas reserves in the subsoil existed more as potential than as a source of revenue. The country lacked the capital, the technology, and the managerial experience required to develop complex fields. It was at that moment that Chevron entered the Kazakhstani market, becoming one of the first major investors to back the country’s future.
Today, more than three decades later, the contribution of multinational corporations cannot be measured solely in volumes of oil and gas produced. Their presence has built production infrastructure, ensured stable budget revenues, helped create an entire oilfield services industry, and become a critical driver of the country’s investment appeal. Chevron’s story is a clear example of how foreign capital can alter the economic trajectory of an entire country.
Investments that launched the oil era
Chevron's decision to invest in Kazakhstan was made at a time when the newly independent state had only just appeared on the world's political map, and both its investment climate and legal framework were still taking shape. Against that backdrop, the agreement to jointly develop the giant Tengiz field was a strategic milestone. It not only attracted multi-billion-dollar investments but also demonstrated to international businesses that Kazakhstan could be a reliable partner for long-term projects.
Established in 1993, the Tengizchevroil joint venture became the country’s largest oil producer for many years and a key driver of economic growth. From 1993 to 2025, direct financial payments from Tengiz to the Republic of Kazakhstan totaled about US$212 bn. This figure includes taxes, royalties, and dividends paid, wages for Kazakhstani employees, spending on goods and services purchased from domestic suppliers, and payments to state-owned enterprises.
This flow of funds provided the state not only with revenue but also with financial resilience during the most challenging phases of the economic transition. Proceeds from oil projects enabled Kazakhstan to establish the National Fund, stabilize the budget, and build a financial safety cushion that became an important element of macroeconomic policy.
The significance of the Tengiz project increased further after completion in early 2025 of the Future Growth Project (FGP), which materially increased oil production and is expected to continue driving growth, averaging 12 mln tons per year at peak production. The increase directly translated into higher tax receipts, export revenues, and foreign-exchange reserves. In this way, Chevron's investment continues to directly impact the resilience of the national economy.
Economies of Scale
For many years, Tengizchevroil has been Kazakhstan's largest taxpayer, contributing a substantial share to the state budget's revenue base. The company's payments amount to billions of dollars each year, supporting social and infrastructure programs and public investment.
However, direct tax revenues are only part of the economic impact. Far more important is the multiplier effect. Large oil and gas projects require the participation of hundreds of contractors and suppliers, which stimulates the development of national business.
Over the years of project implementation, an entire industrial ecosystem has formed around Tengiz, including construction, transportation, and service companies, as well as engineering and manufacturing enterprises. Kazakhstani firms gained access to large contracts, enabling them to modernize production, improve product quality, and move to a new level of development.
This process effectively led to the creation of a modern oilfield services industry, which today is a standalone sector of the economy and provides employment for tens of thousands of people.
National Workforce as a Strategic Resource
In the early years of operations, foreign companies relied heavily on expatriate specialists. Today, the situation has changed fundamentally. As of the end of 2025, 96% of Tengizchevroil’s employees are citizens of Kazakhstan. In 1993, when the joint venture was established, that figure was 50%.
Developing Kazakhstani talent has become one of the most significant outcomes of Chevron's work in Kazakhstan. The company invested in employee training, skills development, and professional upskilling. As a result, Kazakhstan gained not only jobs but a new generation of engineers, managers, and technical specialists capable of delivering highly complex industrial projects.
After gaining hands-on experience at Tengiz, through Chevron projects in other countries, or at the company's headquarters in the United States, these specialists are now in strong demand internationally and readily find employment worldwide.
Social Investment for Regional Development
Chevron's impact on Kazakhstan's economy extends beyond oil production. The company has played a significant role in regional development, primarily in the Atyrau Region, where the field is located.
Investments in infrastructure, education, and healthcare have improved the quality of life and built a modern social environment. Schools, hospitals, roads, and public utility infrastructure have been constructed. Over the years, TCO has invested in more than 120 social infrastructure projects in the region.
In 2025 alone, Chevron, through its Social Investment Program, implemented 20 projects to improve healthcare and education and support civil society development in the Atyrau Region.
Not Only Oil
However, the company invests not only in hydrocarbon production. One of its key initiatives has been the establishment of the Chevron Direct Investment Fund, which focuses on developing Kazakhstan's non-resource sectors. Its capital base is approximately $250 million.
The fund invests in industry, power generation, manufacturing, and innovation projects, supporting the development of new segments of the economy. These investments are intended to reduce the country’s dependence on the oil sector and build a more resilient economic structure.
To date, the fund has invested in the Top.kz digital platform, a wind farm near Aktau, a door manufacturer based in Almaty, the medical company Orhun Medical, and the BioOperations plant in the North Kazakhstan Region, which produces bioethanol to serve as feedstock for sustainable aviation fuel (SAF).
In 2026, the fund invested by taking a stake in a ferroalloy plant construction project in Pavlodar Region, implemented by the Kazakhstani company Mineral Product International.
In this way, Chevron is contributing not only to oil production but also to shaping Kazakhstan’s future economic model.
Strategic Partnership
Chevron’s presence has been a key factor in shaping Kazakhstan’s international reputation as an attractive investment destination. Other major international companies followed, bringing a large inflow of foreign investment and technology. This enabled the country to integrate into the global energy system and strengthen its position in international markets.
Kazakhstan’s experience working with Chevron shows that multinational corporations can act as catalysts for economic development. Their contribution extends well beyond resource extraction and includes infrastructure development, industrial growth, workforce development, and strengthening the country’s financial system.
Over these years, Chevron has become not just an investor, but one of Kazakhstan’s key partners in its economic modernization.