President Shavkat Mirziyoyev was briefed on steps aiming to stabilize oil and gas production and to develop new fields at a presentation Wednesday.
Information was provided regarding the dynamics of natural gas production within the "Uzbekneftegaz" system, the factors behind current declines, and the measures being taken to offset them. It was noted that additional volumes were secured in the first quarter of this year through the commissioning of new wells, the repair of existing ones, and the implementation of technological measures. Plans are in place to further expand these efforts throughout the year.
"We presented performance figures for the Q1 of this year, as well as the goals set for the end of the year to increase oil and gas reserves, ensure stable production, and enhance the deep processing of hydrocarbons," he said.
Uzbekneftegaz produced 25.2 billion cubic meters of gas last year, which is below forecast figures. While, the plan for 2026-2027 is to achieve stable production volumes, to boost gas reserves, and to expand gas processing.
According to him, the company is stepping up cooperation with global partners to improve the efficiency of field development.
"Uzbekneftegaz is currently collaborating with global companies to maximize the efficient development of gas reserves at existing fields. We plan to attract highly qualified international partners, in particular US companies such as Boston Consulting Group, Schlumberger, and Upwing, to implement cutting-edge innovative technologies," noted Sukhrob Khamrayev.
He also emphasized the participation of BP (British Petroleum) in projects in Uzbekistan.
"Furthermore, joint development projects of new fields on the Ustyurt Plateau are being implemented with the Azerbaijani SOCAR, with the participation of the British Petroleum," he stated.
On July 24, the Ustyurt region PSA was signed by the Ministry of Energy of Uzbekistan, SOCAR, and Uzbekneftegaz. The document provides for geological exploration and further hydrocarbon production in several investment blocks. The PSA stipulates exploration over the next five years with SOCAR acting as the project operator.
The project is estimated to yield up to 100 million tons of oil and 35 billion cubic meters of gas. The planned investment is estimated at $2 billion.
SOCAR and BP previously expressed interest in the region: in 2018, the companies signed a memorandum on the joint exploration of blocks in Ustyurt.
BP exited the project in 2021 amid a shift in strategy, but the company has recently been reconsidering its approach and reinforcing its focus on hydrocarbons.
