Plans on increasing natural gas production and sector’s transformation reviewed

Ensuring energy security and uninterrupted supply of economic sectors with energy resources are one of the significant factors of the country’s development. Therefore, particular attention is paid to increasing productivity, widespread introduction of modern technologies and intensifying geological exploration works in the gas sector.

The presentation highlighted that the main task of the “Uzbekneftegaz” joint-stock company is increasing natural gas reserves and volumes of its production. It was noted that the company needs to take measures on increasing the daily production of gas from 66 million cubic meters to 70 million cubic meters and producing no less than 25,4 billion cubic meters of gas this year.

Proposals on utilizing the existing opportunities were reviewed. 

It was emphasized that in order to increase gas reserves it’s necessary to develop new prospective investment blocs, as well as accelerate works and increase the effectiveness in some fields provided to the investors.

It was also pointed that the capacities on producing naphtha currently stand at 70 percent, and the products are exported 50 percent cheaper. Considering that the processing of naphtha into polymer products allows to increase the added value by 6 times, it was instructed to take measures on full utilization of the existing capacities. 

Moreover, measures on improving the financial health of “Uzbekneftegaz” were reviewed. 

During the meeting special attention was paid to the issues of combating theft and corruption in oil and gas sector. 

To prevent corruption risks within the company, a separate position of deputy chairman has been introduced, and a compliance and internal anti-corruption control service has been created. The task has been set to establish an effective system in the industry for the rapid detection and prevention of any violations of the law.

The President gave the responsible persons appropriate instructions to deepen the transformation in the oil and gas sector, increase gas reserves and production volumes, and strengthen financial discipline.