Last year, the country drafted a plan to increase oil production to 104.2 million tonnes by 2030 through a number of projects.

Kazakhstan's 'BBB' IDRs reflect strong fiscal and external balance sheets that have been resilient to the coronavirus and oil price shocks, and financing flexibility.

The country also plans to increase the production of liquefied gas to 832,000 tonnes from 645,000 tonnes in 2021.