President Shavkat Mirziyoyev convened a government meeting focused on addressing the challenges within the oil and gas sector Tuesday. This marks the sixth such discussion since the start of the year, following meetings held on January 12 and 30, February 23, and March 10 and 25.
At the meeting, Shavkat Mirziyoyev reviewed the first-quarter performance of Uzbekneftegaz, outlined objectives for the second quarter, and analyzed the trajectory of production and financial benchmarks. The First Deputy Chairman of Uzbekneftegaz Suxrob Khamraev provided key performance indicators for the reporting period in an interview with the Uzbekistan 24 TV channel.
The data reveals a robust start to the year: industrial production exceeded targets by 6%, revenues rose by 10%, investment figures surged by 60%, and export volumes climbed by 30%. The company’s financial recovery is also gaining momentum, with accounts receivable reduced by 1.3 trillion soums since January. Furthermore, Uzbekneftegaz and its subsidiaries contributed 1.9 trillion soums in taxes and mandatory payments to the state budget.
Regarding resource expansion, Khamraev reported that first-quarter exploration and drilling efforts yielded an additional 2 BCM gas reserves and 40,000 tons of liquid hydrocarbons. Targets for the second quarter are even more ambitious, aiming to increase these reserves to 5 billion cubic meters of gas and 100,000 tons of liquid hydrocarbons.
The president was also presented with a strategic program to bolster natural gas extraction in the coming months. To achieve a daily production increase of 6.7 million cubic meters (approximately 2.44 billion cubic meters annually), the following steps have been authorized: drilling of 22 new wells (facilitated by existing contracts with the Chinese firm XIBU), well workover on 31 existing wells and implementation of 21 specialized process interventions.
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