Many countries rich with gas and oil reserves have significant revenues from resource exports. CIS countries hold 30.1% of global gas reserves and 8.4% of global oil reserves. Although the CIS countries’ economies have profited from these reserves, long-term economic growth cannot be ensured due to dependence on resources and world energy price volatility. The diversification of the economy is severely impacted by inefficient management of oil and gas resources. The oil and gas industry receives a significant portion of foreign direct investment in these nations, which has an impact on the growth of economic activity. Oil, natural gas, and oil products have a large position in the structure of exports since the added value produced by the oil and gas industry contributes significantly to the GDP. Our study aims to evaluate the economic growth in the oil and gas-rich CIS nations of Russia, Kazakhstan, Azerbaijan, Turkmenistan, Uzbekistan, and others. Using Data Panel, two regression models were constructed to describe how explanatory variables affected GDP. The least squares method was used to estimate the parameters in the panel data regression analysis. Panel data was utilized to evaluate regression models utilizing the common effect model, fixed effect model, and random effect model. Results were obtained. To choose the best model from the collection of models, diagnostic tests were run. It was found that the Fixed effect model is suitable for evaluating economic growth in both models.