Author(s): Aliya A. Razakova, Urpash Zh. Shalbolova, Madina A. YelpanovaThe diversification of the production process is the basis for expanding the technological and production activities of any sector of the country's economy. This article examines the status and role of the oil and gas industry in Kazakhstan, one of the countries that export oil and gas to world markets. The country’s oil industry is carrying out large-scale work on diversification in order to ensure further development and determine its own role in geo-economics. The article gives an example of assessing the efficiency of an investment project solution aimed at expanding the production activities of an oil company.