KazMunayGas Profits Soar Amid Higher Oil Prices

Kazakhstan's state-owned oil company NC KazMunayGas JSC (KMG) reported higher profits in the first half of 2026, despite lower production. Net income was KZT 904 billion ($1.96 billion), a 69.1% increase from the same period last year.

The rise in profits was driven by higher oil prices, which offset the decrease in production. Oil and gas condensate output fell 4.6% to 12.44 million metric tons, while gas production dropped 4.7% to 5.46 billion cubic meters.

KMG's operations were affected by disruptions at the Caspian Pipeline Consortium (CPC), which resulted in lower volumes from several fields, including Kashagan and Karachaganak. Power outages, maintenance, and natural decline also contributed to the decline in oil production.