BMB Munai: Cheapest Oil Producer in Kazakhstan

I worked in the oil industry in Kazakhstan from 1993 through 2007.  During that time, the price of crude oil fell to a low under $10/bbl and then began to hit new highs.  At the same time, the stock price of a number of Kazakhstan oil exploration and production companies increased by many multiples due to successful exploration, production, oil price increases and sometimes simply due to speculation. 

While this was happening, the stock prices of several other Kazakhstan oil companies were crushed as they were not able to navigate the politics; and at times corruption inherent in a new republic that was suddenly independent from the Soviet Union and the communist system. Although the risks were evident, at some point it became apparent that the potential rewards of investing in Kazakhstan oil companies more than offset the risks, at least for me.