Astana, 27 October. Tax revenue from oil and gas companies to Kazakhstan's consolidated budget reached 6.17 trillion tenge in the first nine months of 2026, 1.17 trillion more than a year earlier, the Ministry of Finance said in reply to a request from the publication LS.
The National Fund, which receives most of the state's oil revenue, has received 3.4 trillion tenge from the sector since the start of the year. The largest payer was Tengizchevroil, which develops the Tengiz field: 3.2 trillion tenge, up 25.8% year on year. The North Caspian project (the Kashagan field) paid 787.3 billion tenge, 2.3 times more, while the Karachaganak project paid 914.9 billion tenge, 10.4% less.
September accounted for a large part of the increase: the sector paid 788 billion tenge in the month, 2.4 times more than in September 2025. Tengizchevroil paid 538.8 billion tenge (2.7 times more), the North Caspian project 152.6 billion (5.2 times more), while Karachaganak's payments fell 1.8 times to 22.7 billion tenge.
The rise in revenue came in a year of falling output. According to Energy Ministry data cited by the Finance Ministry, hydrocarbon production fell by 5.6 million tonnes in eight months, to 61.8 million tonnes. Revenue, the ministry said, was held back by the changing geopolitical situation, rising operating costs and production stoppages at major projects.
What it means: Oil taxes are growing faster than output is falling: with lower volumes, the budget received a fifth more, with Tengiz and Kashagan providing most of the increase.
Who benefits: The budget and the National Fund, which also finances infrastructure projects. Higher revenue on lower output points to the role of price: oil from Tengiz, Kashagan and Karachaganak is exported through the Caspian Pipeline Consortium as CPC Blend, priced against Brent, and Brent has stayed above $110 a barrel in October.
Background: Tengizchevroil is a joint venture 50% owned by Chevron, 25% by ExxonMobil and 20% by KazMunayGas; Kashagan is developed by the North Caspian Operating Company consortium and Karachaganak by Karachaganak Petroleum Operating. The ministry did not say how much of the increase came from oil prices and how much from changes in taxes and payment schedules.
