The state program for 2024 reveals Uzbekneftegaz's aim to ensure uninterrupted energy supply for the population and industries. To achieve this, the company will undertake various geological and technological measures, including drilling 95 gas wells and conducting 42 technological activities. The plan is to extract 29.3 billion cubic meters of gas.
Apart from Uzbekneftegaz, private companies like Saneg, Lukoil, Gazprom, and Gas Project Development Central Asia AG are also responsible for meeting the extraction targets. Despite not disclosing production volumes for 2023, Uzbekneftegaz faced a decrease in extraction forecasts due to the rapid depletion of current fields.
Investments of hundreds of millions of dollars are planned for geological exploration and well drilling. In 2023, Uzbekneftegaz aimed to invest $100 million in exploration and $48.8 million in modernization and reconstruction. Additionally, partnerships with companies like MUFG and investments in compressor stations and geological surveys are on the agenda.
As of August 2023, Uzbekistan possesses 296 oil and gas fields with confirmed gas reserves of 1.85 trillion cubic meters and 150.3 million tons of liquid hydrocarbons. Uzbekneftegaz controls 122 fields with reserves of 933.2 billion cubic meters and 53.3 million tons. Gas production in Uzbekistan decreased by nearly 5 billion cubic meters in 2023, totaling 46.7 billion cubic meters.
