The Turkmenistan oil and gas market size is anticipated to register a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing government investments in the oil & gas industry.
Oil and gas can be extracted through drilling, pumping or compression operations. In most of the cases, the natural pressure of wells is used for extracting the reserves. However, the depletion of maturing fields has reduced the nature pressure of the wells. Thus, different techniques are used to boost production of oil and gas. Under the effect of the pressure in the ground, the organic matter contained in the mud is transformed into oil and gas. The fluidity and difference of density migrates the oil and gas upwards through the layers of accumulated sediments. Oil and gas contain different condensate and components such as sulfur and acids.
The products that can large volume content in the oil and gas industry are fuel oil and gasoline (petrol). Petroleum is the primary material for a multitude of chemical products, including pharmaceuticals, fertilisers, solvents and plastics.
The energy sector has three key areas, which are upstream, midstream, and downstream. Upstream is exploration process that involves the search for underwater and underground natural gas fields or crude oil fields and the drilling of exploration wells and drilling into established wells to recover oil and gas. Midstream operation includes transportation process, which transports tanker ships to pipelines and trucking fleets. Downstream refers to the filtering of the raw materials obtained during the upstream phase., Also refer as refining crude oil and purifying natural gas. .
Market Trends, Drivers, Restraints, and Opportunities
- Rising production of oil and gas owing to increasing energy demand is driving the market growth.
- Rapid growth in the demand for petroleum, petrochemical products, and ongoing developments in the oil & gas exploration and production activities are the key major drivers for the oil and gas market growth during the forecast period.
- Increasing pipeline linkage with the neighbouring countries and rising development in the domestic gas industry are anticipated to positively influence the market growth.
- Strong economy after the COVID-19 pandemic and rapid population growth are expected to stimulate the Turkmenistan oil and gas market.
- Growing reliance on petroleum-based products to produce various end-user application products is speculated to proliferate the growth of the market.
- Stringent government regulations over environmental concerns can hamper the market growth during the forecast period.
- Expanding R&D investments and ongoing technological advancements is expected to create new avenues for natural gas exports, which in turn, is estimated to offer significant opportunities for the market players in the projected timeline.
Scope of the Report
The report on the Turkmenistan oil and gas market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Turkmenistan Oil and Gas Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Upstream, Midstream, and Downstream
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Türkmengaz, PJSC Gazprom, China National Petroleum Corporation, and JSC Uzbekneftegas.
Turkmenistan Oil and Gas Market Segment Insights
Upstream segment is anticipated to expand at a substantial CAGR
The upstream segment is anticipated to expand at substantial CACG during the forecast period. Upstream segment includes activities such as exploration, drilling, and extraction. This is also known as exploration & production (E&P). It is the first step in the production of oil & gas, which is followed by midstream and downstream. Rising government and private government spending on the exploration of oil & gas wells is driving the segment growth.
Midstream segment is projected to account for a large market share
The midstream segment is projected to constitute a key market share during the forecast period. This sector includes activities such as processing, storing, and transportation of petroleum products and marketing of oil, natural gas, and natural gas liquids. Growing requirement of storing and transporting systems is expected to spur the segment growth.
Downstream segment is expected to register at a significant pace
The downstream segment is expected to expand at a rapid pace in the coming years owing to the rising refining of diesel and jet fuel. Downstream operations constitute of converting oil and gas into their finished products. This segment is anticipated to exhibit a high CAGR during the forecast period.
Segments Covered in the Report
The Turkmenistan oil and gas market has been segmented on the basis of
- PJSC Gazprom
- China National Petroleum Corporation
- JSC Uzbekneftegas
- Sinopec Oilfield Service Corporation
Key players competing in the Turkmenistan oil and gas market include Türkmengaz, PJSC Gazprom, China National Petroleum Corporation, and JSC Uzbekneftegas.