The Turkmenistan oil & gas upstream market size is anticipated to expand at a high CAGR during the forecast period, 2021–2028. The growth of the market is expected to rising demand for petroleum, petrochemical products, and development of new drilling activities.
Oil & gas are the mixture of hydrocarbons that are formed under the sedimentary rocks of earth crust. They constitute of natural gas and crude oil. Based on the process of making them into finished products, the oil & gas industry is divided into upstream, midstream, and downstream. The upstream sector is based on the organizations that involves in drilling and production of oil & gas. It is further segmented into onshore and offshore region. Onshore activities are on land, while the offshore activities are associated with the sea. Midstream businesses focus on the transportation of raw material for further processing into finished products. Downstream are the refineries that convert crude oil to customer ready products such as gasoline, diesel, and aviation turbine fuel.
The major part of the oil & gas industry products are gasoline and fuel oil. Petroleum is an essential material for a large number of chemical products, including drugs, manures, solvents and plastics.
Market Trends, Drivers, Restraints, and Opportunities
- Rising exploration of oil wells is expected to drive the market growth in the country.
- The development of new legislation in line with international standards is anticipated to propel the market growth during the forecast period.
- Technology and integrated advancements in the oil & gas industry is anticipated to stimulate the market expansion.
- Formation of new routes for transportation of resources through multi-dimensional pipeline channels are estimated to drive the market expansion in the coming years.
- Oil & gas exploration has diminished somewhat in the course of recent years due to advanced mechanical requirements and government regulations. Thus, such factors can create challenges for the market growth.
- Rapid growth of the renewable industry can inhibit the market growth in the projected timeline.
- The oil & gas industry is the key driver for the country’s economy and create lucrative opportunities for market players in the projected timeline.
Turkmenistan Oil & Gas Upstream Market Segment Insights
Onshore segment is anticipated to grow at a rapid pace
Based on locations, the market is segmented into onshore and offshore. The onshore segment is expected to grow at a rapid pace during the forecast period as most of the countries’ oil reserves are produced on the onshore region. Moreover, increasing focus of country to export major energy resources is driving the growth of the market segment.
Large amount of country’s onshore oilfields is located in the Garashyzlyk and South Capian basin area, situated in the western part of country. Turkmenistan accounted for key natural gas reserves. It has large gas fields such as Murgab basin, South Caspian basin, and Southeast Amu Darya basin. Dauletabad gas field is the oldest Turkmenistan gas producing field of Amu Darya basin.
Key players competing in the Africa endoscopy device market are Dragon Oil PLC; China National Petroleum Corp; Eni SpA; Buried Hill Energy; and Hyundai Energy & Construction Co. Some of these players are adopting several business strategies, which includes acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to enhance their market share.
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