Uzbekistan - Country Commercial Guide
Oil and Gas

This is a best prospect industry sector for this country.  Includes a market overview and trade data.

Last published date: 2022-07-08


Mining, quarrying, and oil and gas extraction are the leading industries of Uzbekistan’s economy, despite the sector’s ever more pressing need for further development and the government’s ambitious goals to increase the share of renewable energy sources from 8% to 25%.  If fully implemented, such a change could save three billion cubic meters of natural gas and achieve a 20% reduction in the emission of harmful gases into the atmosphere by 2026.  In May 2022 Uzbekistan joined the Global Methane Pledge.  The country’s hydrocarbon reserves are significant: according to local industry officials, total primary energy reserves (proved and projected) amount to 5.5 billion tons of oil equivalent (TOE), including 1.5-1.6 billion TOE of natural gas, 245 million TOE of oil and up to 3.3 billion TOE of coal.  These industries comprised 5.8% of GDP, with the oil and gas sector contributing over 6% (expected in 2022) to the state budget earnings, 5.4% of export earnings, and providing jobs to nearly 1% of the employed population.  Uzbekistan is the second largest natural gas producer in Central Asia.  In 2021 it produced 53.6 billion cubic meters of natural gas and plans to grow the production by 2030 to 66.1 billion cubic meters, 56.5 billion of which will be consumed by domestic market.  Accordingly, energy issues remain a high priority in President Mirziyoyev’s agenda.  Despite a breakthrough in improving energy cooperation with regional neighbors, interrupted and insufficient electricity and gas supplies remain an issue.  In 2019, the government broke up the national monopoly UzbekNefteGaz into three independent companies focused on production (UzbekNefteGaz), transmission (UzTransGaz), and domestic sales (HududGazTaminot), with the goal of improving transparency and operating on market-based price standards.  UzbekNefteGaz obtained a BB- credit rating from Fitch Ratings and S&P Global Ratings in September-October 2021 and placed its debut Eurobonds for $700 million on the London Stock Exchange in November 2021 for seven years at 4.75% interest rate.  Implementation of an automated system for monitoring and metering of natural gas started in 2020, and should dramatically improve resource accountability.  UzbekNefteGaz has been instructed to file for an IPO by the end of 2022, and UzTransGaz – by 2023.  The government also announced plans to halt natural gas exports by 2025 and process all domestic output into higher value-added products: The government plans to complete a total of 52 natural gas processing projects, worth $9 billion, by 2025.  Government reports estimate that realization of these projects will facilitate the production of $4.1 billion worth of goods, replace $1.1 billion of imports, and ensure $1.45 billion of exports.  Uzbekistan wants to process 20% of its natural gas by 2026 (up from 8% currently).  The energy market is gradually being liberalized: customs duties and permits required for the import of liquefied natural gas were abolished in February 2021; a wholesale market of electricity and natural gas will be created for manufacturers and importers and, as the first step, large enterprises were allowed to import electricity and natural gas starting from August 1, 2021; the excise tax rate on export of natural gas has been reduced to 0% and legal entities are exempt from customs duties on import of natural gas to Uzbekistan and excise taxes starting from October 1, 2021; the private sector will be allowed to supply liquefied and natural gas to consumers starting from October 1, 2022. 


Oil and Gas Market Size, Million USD 





2022 estimated 

Total Local Production 





Total Exports 





Total Imports 





Imports from the US 





Total Market Size* 





Exchange Rates** 





*Total market size = (total local production + imports) – exports 
** Exchange Rates = Uzbek soums per $1. 
Units: $ millions 
Source: The State Statistics Committee of Uzbekistan.  Data for 2022 was estimated by Post using company project implementation progress reports.  Imports from the U.S. data is from the U.S. census bureau 

Leading Sub-Sectors 

  • Oil and Gas Extraction 

  • Support Activities for Mining 


U.S. oil and gas companies may bid on contracts to supply services to the country.  Specific fields include consulting, engineering, construction, equipment supply, and management.  The government presently has an increased interest in licensing technologies for oil refining and gas extraction, treatment and processing.  All public sector tenders and technical requirements, specifications, documents, and procedural explanations are available on the website of Uzbekneftegaz and UzTransGaz.   

For specific opportunities, businesses should review tenders on the company websites,, or contact potential partners by phone or e-mail.  In general, opportunities exist in fossil fuel field development and exploration; oil and gas-bearing structure analysis; seismic surveys and deep drilling; and construction, expansion and modernization of production facilities. 



U.S. companies and individuals interested in learning more about the oil and gas sector, upcoming procurements, and export opportunities are encouraged to visit the following websites: