Uzbekistan Oil and Gas Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Sector (Upstream, Midstream, and Downstream)

Market Snapshot

Uzbekistan Oil and Gas Market - Market Summary
Study Period: 2016 - 2026
Base Year: 2020
CAGR: >2.5 %

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Market Overview

The Uzbekistan oil and gas market is expected to grow at a CAGR of around 2.5% during the forecast period of 2020-2025. The primary driver for the market is the increasing demand for natural gas, which accounts for more than 80% of Uzbekistan’s total energy consumption during 2018. However, the country’s aging oil infrastructure and depleting reserves is likely to hinder the market growth during the forecast period.

  • With the upcoming projects, the upstream segment is likely to dominate the country’s oil and gas sector during the forecast period.
  • With an increasing population to around 35.2 million by 2030, Uzbekistan’s demand for primary energy is expected to increase to nearly 72.6 million tonnes oil equivalent (MTOE), of which natural gas demand is expected to account for the majority of the new demand. Moreover, the per capita energy demand of Uzbekistan 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.
  • Increasing investment in Uzbekistan’s oil and gas sector is expected to drive the market during the forecast period.

Scope of the Report

The Uzbekistan oil and gas market report includes:


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Key Market Trends

Upstream Sector is Likely to Dominate the Market

  • Uzbekistan upstream market includes the exploration and production of crude oil and natural gas from its domestic fields located in the Bukhara-Khiva region. Around 60% of the country’s oil and gas get produce from the Bukhara-Khiva region.
  • During 2018, crude oil production was nearly 2.9 million tonnes, a Y-O-Y increase of around 3.5%. While natural gas production in 2018 was nearly 56.6 billion cubic meters, a Y-O-Y increase of about 6%.
  • During 2019, Uzbekistan based company Epsilon announced the discovery of the Bohoriston oil and gas condensate field. While testing, the field is estimated to have a flow rate of around 100 thousand cubic meters per day.
  • Moreover, the country is planning to sign three deals with large foreign companies to boost domestic natural gas production. Companies like BP Plc, Total SA, Azerbaijan’s SOCAR, Russia’s Rosneft and Novatek are expected to participate in exploration and development agreements with the country. Thus, with the country’s 42.7 trillion cubic feet of proven natural gas reserves as in 2018 and foreign player's participation, the natural gas production of the country is likely to increase and would boost the entire upstream sector during the coming years.
Uzbekistan Oil and Gas Market - Crude Oil Production

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Increase in Investment in the Oil and Gas Industry to Drive the Market

  • With an increase in demand for primary energy sources like natural gas, Uzbekistan is planning to increase investment to develop its existing oil and gas field and to explore for new domestic fields.
  • In 2018, Uzbekistan exported nearly 14 billion cubic meters (bcm) of natural gas to China, Russia, Kazakhstan, and a few other countries. Development in the existing fields is expected to boost production and is expected to increase it's export quantity and revenue input for the country.
  • In2019, the country announced its plans to invest around USD 33 billion by 2025 in the oil and gas industry. It is anticipated that nearly 30 new oil and gas projects are likely to get implemented between 2019 and 2025.
  • For the further development of the oil and gas industry, it is planned to expand the exploration and production of hydrocarbons in the most promising areas like Bukhara-Khiva, Ustyurt, Surkhandarya, and Fergana sites during the forecast period.
  • The government of Uzbekistan is also planning to invest USD 3.5 billion for geological exploration and USD 6.3 billion for increasing natural gas production between 2019 and 2030, which is likely to further boost the country oil and gas market during the upcoming years.
Uzbekistan Oil and Gas Market - Natural Gas Production

Competitive Landscape

The Uzbekistan oil and gas market is moderately consolidated. The key players of the market include JSC Uzbekneftegaz, NK Lukoil PAO, Gazprom PAO, Total SA, and China National Petroleum Corporation (CNPC).

Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Crude Oil and Natural Gas Production Forecast, till 2025

    3. 4.3 Crude Oil and Natural Gas Consumption Forecast, till 2025

    4. 4.4 Recent Trends and Developments

    5. 4.5 Government Policies and Regulations

    6. 4.6 Market Dynamics

      1. 4.6.1 Drivers

      2. 4.6.2 Restraints

    7. 4.7 Supply Chain Analysis

    8. 4.8 PESTLE Analysis


    1. 5.1 Sector

      1. 5.1.1 Upstream

      2. 5.1.2 Midstream

      3. 5.1.3 Downstream


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 JSC Uzbekneftegaz

      2. 6.3.2 NK Lukoil PAO

      3. 6.3.3 Gazprom PAO

      4. 6.3.4 Total SA

      5. 6.3.5 China National Petroleum Corporation (CNPC)

    4. *List Not Exhaustive

**Subject to Availability

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Frequently Asked Questions

The Uzbekistan Oil and Gas Market market is studied from 2016 - 2026.

The Uzbekistan Oil and Gas Market is growing at a CAGR of >2.5% over the next 5 years.

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

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