Major oil and gas industry projects reviewed

This year, two resolutions were adopted to improve the work of Uzbekneftegaz JSC and address issues related to procurement and production.

During the presentation, progress in implementing these resolutions, natural gas production indicators, and tasks through the end of the year were reviewed.

Geological exploration is being expanded to increase natural gas reserves. Five new gas condensate fields have been discovered this year. From January through September, 80 wells were drilled, with another 40 planned for the fourth quarter.

Plans were presented to explore promising areas, primarily deep-lying formations in Ustyurt, develop new fields, and improve the efficiency of existing wells.

Achieving these objectives requires taking drilling operations to a new level and introducing modern technological solutions.

In Ustyurt, a number of projects are currently being implemented with foreign partners to drill new wells, reanalyze geophysical data, and improve gas production efficiency.

The presentation also covered the financial performance of Uzbekneftegaz JSC and its major enterprises. In the first nine months of the year, their combined net profit increased compared with the same period last year. Optimization of the loan portfolio helped reduce debt, while a review of the terms of high-interest loans lowered debt-servicing costs.

Particular attention was paid to projects aimed at increasing the capacity of the gas transmission system. These projects envisage the construction of new main gas pipelines and the modernization of compressor stations.

The implementation of these projects, including the use of modern electric motors at certain stations, will enhance the reliability of gas supplies and save up to 125 million cubic meters of natural gas annually. Proposals on sources of financing for the projects were also reviewed.

The presentation also addressed ongoing efforts to respond to the accident at the “25th Anniversary of Independence” field. A specialized Chinese company has been engaged in this work. Special machinery and equipment are currently being delivered to the site, while preparations are underway for well drilling.

The President emphasized that strict adherence to safety requirements is paramount at all stages of the work.

Officials also reported on efforts to increase production and improve the financial position of the Fergana Oil Refinery.

Following repairs to key technological units, the refinery’s production of diesel fuel increased by 30 percent, bitumen by 60 percent, and jet fuel fivefold.

Comprehensive measures are being taken to ensure stable supplies of raw materials to the refinery, make efficient use of existing capacity, and reduce debt. By the end of the year, the refinery’s capacity utilization rate is expected to increase from 40 to 65 percent, with further increases planned thereafter.

The Head of State instructed responsible officials to improve the effectiveness of geological exploration and drilling operations, implement major projects based on thorough calculations and clearly identified sources of financing, and enhance the efficiency of enterprises across the industry.