The Kashagan Oil Field in the Caspian Sea is a largely known oil field outside the Middle East and the fifth largest oil field in the world regarding the reserves. The giant Kashagan field ranks as one of the largest oil discoveries of the past four decades, with approximately 9-13 billion barrels (1-2 billion tonnes) of recoverable oil. The Kashagan reservoir lies 80km offshore from the city of Atyrau in 3-4 meters of water, and is more than 4km deep (4,200 meters). The North Caspian Project is the first major offshore oil and gas development in Kazakhstan. It covers three fields: Kashagan, Kairan and Aktoty.

Alma Petroleum, LLP obtained a license for the Kashagan Oil Field and has operated in the Caspian Sea since October 2019.