Uzbekistan's crude oil and natural gas production will be marginally lower in 2017 comparedto the previous year. Ambitious investment plans in the oil and gas industry and gradual improvements tothe business environment pursued by President Shavkat Mirziyoyev offer some upside potential to ourotherwise bearish outlook.
Latest Updates & Key Forecasts
Uzbekistan's oil and gas reserves are forecast to decline modestly over the coming decade. An upside riskto our forecast comes from the ongoing exploration activities. For example, in July 2017, Uzbekneftegazand China National Petroleum Corporation (CNPC) started drilling a new exploration well at theMingbulak oilfield in Fergana valley.