Degree in mining engineering, Kazak Polytechnic Institute, 1973. Postgraduate, University Massachusetts, Boston, 1993.
He became President of the Kazakhstan Oil Investment Company in February 2002. Prior to serving as Prime Minister, he served as Minister of Oil and Gas, and later as President of KazakhOil. After his tenure as Prime Minister, he continued his career as President at state-owned KazakhOil.
Lyazzat Kiyinov replaced him after the merger between KazakhOil and Transport Nefti i Gaza companies into the new KazMunayGas.
On 14 October 2015, Balgimbayev died of cancer in Atyrau at the age of 67.