Market Size of Turkmenistan 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 | > 1.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Turkmenistan Oil & Gas Upstream Market Analysis
The Turkmenistan oil and gas upstream market is expected to grow at a CAGR of more than 1% during the forecast period. Sustained growth in the demand for natural gas, petroleum, petrochemical products, and developments of oil and gas exploration and production activities are the major drivers for the oil and gas upstream sector in Turkmenistan. 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.
- Most of the economically viable oil and gas fields in the country are situated inland. Therefore, it is evident that the onshore segment is expected to be dominated in the market.
- The oil and gas industry is a key contributor to the economic success of Turkmenistan. Together with the development of a stable legal foundation, in line with international standards, Turkmenistan has established the necessary conditions for attracting investment to oil and gas sector. In addition, advancement of the oil and gas industry is one of the main policy priorities for the country, which in turn, likely to provide opportunities in the market in the future.
