Market Size of Central Asia Oil and Gas Upstream Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Central Asia Oil & Gas Upstream Market Analysis
The Central Asia oil and gas upstream market is expected to register a CAGR of over 3.5% during the forecast period, 2022-2027. The COVID-19 pandemic has negatively affected the market. For instance, in January 2022, due to concerns about the omicron variant of the coronavirus, oil prices in the Kazakhstan country increased by 5% after the government protested train lines and hit production at the country's Tengiz oilfield. Factors such as plans to improve oil production are expected to drive the growth for the market during the forecast period. However, oil production has decreased slightly over the past few years due to technological constraints and government regulations. This, in turn, likely to restrain market growth during the forecast period.
- Onshore projects are expected to remain the most utilized of the deployment locations as they provide for cheaper access to the oil resources.
- There have been significant oil discoveries in countries like Turkmenistan and Kazakhstan. Economically feasible oil extraction may become an opportunity for the companies and may lead to a boom in oil production.
- Kazakhstan is expected to dominate the market, owing to the increase in oil and natural gas productions.
