President of Uzbekistan Orders Acceleration of Strategic Projects at Uzbekneftegaz

Tashkent, Uzbekistan (UzDaily.com) — President of Uzbekistan Shavkat Mirziyoyev reviewed the progress on directives aimed at improving the efficiency of the joint-stock company Uzbekneftegaz.

During a presentation held on 30 January, the company’s key objectives were outlined: enhancing operational efficiency, ensuring financial stability, expanding geological exploration, and increasing hydrocarbon reserves. Today, the head of state was presented with a report on the implementation of these tasks.

The report first addressed measures to optimize expenditures. The organizational structure of the central office is being reviewed, and analyses of prices for production services, goods, materials, and contractor work are underway. Additionally, the company is streamlining its credit portfolio, divesting non-core assets, and systematic efforts to reduce accounts receivable have already yielded results.

Special attention has been given to expanding geological exploration. For 2026–2027, the company plans to intensify prospecting on new blocks, expand 3D seismic surveys, and complete the construction of wells. In January–February of this year, two new gas condensate fields were discovered.

As part of the company’s strategic development, measures are being taken to accelerate forensic audits, improve procurement procedures, implement ESG principles, and prepare reporting in accordance with international standards.

The President instructed the responsible officials to ensure that all planned initiatives are implemented with precise calculations, strict discipline, and personal accountability, emphasizing the importance of a systematic approach to industry development and strengthening the financial stability of Uzbekneftegaz.