Uzbekneftegaz National Holding Company intends to implement 51 investment projects totaling $15.8 billion by the end of 2019. In 2016 alone, it is planned to complete and commission facilities under seven projects.

When implemented, they should increase the volume of hydrocarbon production by 20%, double the production of gas chemical products and refined petroleum products, as well as increase the volume of production engineering products by 60%.

Today, experts are discussing a broad range of issues related to the current state of the oil and gas sector, the further streamlining of exploration and hydrocarbon production technologies, the increase in investment activity, development of mechanisms for project financing. Experts anticipate that the measures to be taken might entail the establishment of dozens of new manufactures, millions of dollars of investments, new jobs.

Uzbekistan has created all conditions for effective development of the industry, so many foreign companies are willing to invest in local projects. Moreover, the country has a great capacity in extraction of natural gas, and even greater opportunities for its processing.

Involvement of foreign companies in investment in exploration has enabled Uzbek experts to learn advanced seismic techniques and technologies in the conditions of transition zone, shallow water, mountainous terrain, which require specialized tools and equipment. The specialists practiced handling modern digital geophones for spatial study of oil and gas deposits.

Specialists are currently upgrading the drilling equipment fleet through purchasing new facilities that will significantly increase the commercial speed of drilling and reduce drilling costs.

It is envisaged to increase the volume and range of products with high added value in the petrochemical industry on the basis of deep processing of natural gas and gas condensate. In order to ensure a stable supply of natural gas, experts focus on the upgrade of gas transportation system, reconstruction of gas processing and desulfurization plants.

In the years of independence, Uzbekistan has implemented big projects like the construction of the Bukhara Oil Refinery with the production capacity of 2.5 million tons, reconstruction of Ferghana Refinery, construction of Shurtan Gas and Chemical Complex on the production of 125,000 tons of polyethylene.

This is just the beginning. To date, experts have started working on the project on the production of polymer products on the basis of technology of obtaining olefins from gas. It is planned to implement projects on the introduction of energy-efficient, energy-saving and alternative technologies at certain facilities in order to enhance the efficiency and rational use of energy, and create favorable conditions for sustainable development of the industry.

Besides, it is envisaged to establish joint stock companies with foreign capital, create favorable conditions for foreign investors, especially strategic investors and qualified foreign managers, and thereupon ensure modernization and technological renovation of production, as well as the production of competitive goods for the internal and external markets. Interaction with leading companies from South Korea, Japan, Germany, France and other countries has been already underway in this direction.