6.875
%
Neutral
51
mm boe
5
%
Uzbekistan is moving away from a Soviet-style command economy under President Mirziyoyev's reforms, with privatisation and progress towards WTO accession. However, bureaucracy and state dominance remain, and declining gas output has made it a net importer. Outlook maintained because reforms are progressing, but the sector remains state-dominated. Outlook: Neutral. Risk premia unchanged at 6.875%.
October 7, 2026
Asia - Central
mm bbl
bcf
Central Asia, north of Turkmenistan, south of Kazakhstan.
Multiple (PSC/Concession)
The generally applicable fiscal regime that applies in Uzbekistan to E&P activities in the oil and gas industry (except for PSAs) consists of a combination of CIT, bonuses, subsurface use tax, EPT, and other generally established taxes and contributions.
President Shavkat Mirziyoyev's reforms have opened the economy and Uzbekistan is pursuing WTO accession, though the political system remains authoritarian. US and UK guidance cite privatisation and improved currency convertibility, but note corruption and state dominance. The EIA notes that declining gas output from legacy fields has made Uzbekistan a net importer of Russian and Turkmen gas, with Lukoil the main foreign upstream operator, while Gulf investors such as ACWA Power and Masdar are expanding renewables.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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