Uzbekistan Oil and Gas Market Size (2024 - 2029)

The Uzbekistan Oil and Gas Market is anticipated to experience growth over the forecast period, driven by increasing investments in the sector. Despite challenges posed by ageing infrastructure and depleting reserves, the market has rebounded to pre-pandemic levels. The rising per capita energy demand is expected to offer opportunities for expansion, contributing to the overall market size growth in the coming years.

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Market Size of Uzbekistan Oil and Gas Industry

Uzbekistan Oil and Gas Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 4.00 %
Market Concentration Medium

Major Players

Uzbekistan Oil and Gas Market Major Players

*Disclaimer: Major Players sorted in no particular order

Uzbekistan Oil & Gas Market Analysis

The Uzbekistan Oil and Gas Market is expected to grow at a CAGR of about 4% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the medium term, increasing investments in the oil and gas industry are expected to drive the market's growth.
  • On the other hand, the country's ageing oil infrastructure and depleting reserves are expected to hamper the growth of the Uzbekistan Oil and Gas Market during the forecast period.
  • Nevertheless, Uzbekistan's per capita energy demand is likely to be around 1.7 Tonnes of Oil Equivalent (TOE) by 2030. Thus, the increasing demand for energy, including natural gas, is expected to create an opportunity for the market to grow in the near future.

Uzbekistan Oil & Gas Industry Segmentation

Oil and gas are the major sectors of industry focused on exploration, data acquisition, development, drilling, production, gathering, refining, distribution, and transportation of hydrocarbons and include major resource holders, national oil companies, multinational oil companies, drilling contractors, services contractors, and other related businesses.

The Uzbekistan Oil and Gas Market is segmented by sector. By sector, the market is segmented into upstream, midstream, and downstream. The report also covers the market size and forecasts for the oil and gas market. For each segment, the market sizing and forecast are based on Uzbekistan Oil and Gas Market in production (Units).

Sector
Upstream
Midstream
Downstream
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Uzbekistan Oil and Gas Market Size Summary

The Uzbekistan Oil and Gas Market is poised for growth, driven by increased investments and a rising demand for energy. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. However, challenges such as ageing infrastructure and depleting reserves could impede growth. Despite these hurdles, the country's energy demand is expected to rise, presenting opportunities for market expansion. The upstream sector, particularly in the Bukhara-Khiva region, plays a crucial role in the country's oil and gas production. Recent discoveries, such as the ultra-viscous bitumen oil field in the Zerafshan depression, and plans to engage with major international companies for exploration and development, are set to enhance the sector's output.

Uzbekistan's strategy to boost its oil and gas industry includes significant investments and the development of new projects. The country aims to increase natural gas production and expand its export capabilities, with plans to invest billions in geological exploration and production enhancements. The government has outlined ambitious targets for both domestic consumption and export volumes, with a focus on key regions like Bukhara-Khiva and Ustyurt. The market is moderately consolidated, with major players such as JSC Uzbekneftegaz and NK Lukoil PAO actively involved. Recent developments, including halting natural gas exports to address domestic supply issues, highlight the dynamic nature of the market.

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Uzbekistan Oil and Gas Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Crude Oil and Natural Gas Production Forecast, till 2027

    3. 1.3 Crude Oil and Natural Gas Consumption Forecast, till 2027

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Sector

      1. 2.1.1 Upstream

      2. 2.1.2 Midstream

      3. 2.1.3 Downstream

Uzbekistan Oil and Gas Market Size FAQs

The Uzbekistan Oil and Gas Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

JSC Uzbekneftegaz, NK Lukoil PAO, Gazprom PAO, China National Petroleum Corporation (CNPC) and TotalEnergies SE are the major companies operating in the Uzbekistan Oil and Gas Market.

Uzbekistan Oil and Gas Market Report Snapshots

Uzbekistan Oil and Gas Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)