New gas condensate fields discovered as Uzbekneftegaz expands exploration

During a presentation held on January 30, a series of objectives were outlined for the company, focusing on enhancing operational performance, strengthening financial stability, expanding geological exploration and increasing hydrocarbon reserves. The head of state was briefed on the implementation of these instructions.

Officials reported on steps being taken to optimize expenses across the company. The organizational structure of the central office has been reviewed and is undergoing streamlining.

In addition, prices for production services, goods and materials, as well as contract work, are being reassessed. Work has begun to restructure the company’s credit portfolio, while non core assets are being divested.

Systematic measures are also being implemented to reduce accounts receivable, as part of efforts to improve financial discipline.

Particular attention was given to expanding geological exploration and increasing hydrocarbon reserves.

Plans for 2026–2027 include intensifying exploration activities in a number of new areas, expanding the volume of 3D seismic surveys and completing the construction of new wells.

It was also reported that two new gas condensate fields were discovered in January and February of this year.

Within the framework of the company’s strategic development, measures are being accelerated to conduct a forensic audit, improve procurement procedures, introduce ESG principles and prepare financial statements in accordance with international standards.

The president instructed responsible officials to ensure the full implementation of all assigned tasks and planned measures based on precise calculations, strict discipline and personal accountability.