Uzbekistan Oil and Gas Upstream Market Size (2024 - 2029)

Uzbekistan Oil and Gas Upstream Market Size Summary

The Uzbekistan oil and gas upstream market is poised for modest growth, driven by increasing natural gas production and strategic plans to enhance oil and gas output. Natural gas remains the cornerstone of Uzbekistan's export economy, with significant reserves and production capabilities concentrated onshore due to the country's landlocked status. The discovery of new gas fields, such as the New Chakar in the Fergana Valley, is expected to bolster production targets and attract further investment. Despite a reduction in domestic natural gas consumption, the sector benefits from substantial export demand, particularly from neighboring countries like China, Russia, and Kazakhstan. The government's commitment to over thirty investment projects in the oil and gas sector underscores the potential for growth, with significant capital allocated to enhance production capacities.

The market landscape is characterized by moderate consolidation, with key players including JSC Uzbekneftegaz, PJSC Gazprom, LLC LUKOIL Uzbekistan Operating Company, China National Petroleum Corporation, and Centrex Europe Energy & Gas AG. These companies are instrumental in driving the sector's expansion through investments and operational advancements. While oil production remains relatively small, recent increases in both oil and gas output are expected to provide a boost to the upstream sector. The ongoing investments and production enhancements are anticipated to sustain the market's growth trajectory, albeit at a gradual pace, throughout the forecast period.