Uzbekneftegaz exceeds production and export targets for Q1

The state-owned energy company Uzbekneftegaz has reported a significant improvement in its financial and operational performance for the first quarter of the year. Following a report presented to President Shavkat Mirziyoyev on measures to ensure stable production and economic efficiency, the company revealed that its accounts receivable have decreased by UZS 1.3 trillion since the beginning of the year.

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Sukhrob Khamraev, the First Deputy Chairman of the Board for Finance, Transformation, and Privatization at Uzbekneftegaz, detailed the company’s progress in an interview with the Uzbekistan24 TV channel. He noted that the company outperformed its targets across several key metrics between January and March. Specifically, industrial production reached 106% of the plan, while revenues hit 110%, investment indicators reached 160%, and export volumes climbed to 130% of the projected figures.

In addition to internal debt reduction, the company and its subsidiaries contributed UZS 1.9 trillion in taxes and mandatory payments to the state budget during the first three months of the year. These financial gains coincide with successful upstream activities, as geological exploration and drilling efforts resulted in the addition of 2 billion cubic meters of gas and 40,000 tons of liquid hydrocarbons to the national reserves.

Looking ahead to the second quarter, Uzbekneftegaz has set ambitious targets to further bolster energy security. The company aims to discover an additional 5 billion cubic meters of gas reserves and increase liquid hydrocarbon stocks by 100,000 tons. To support these goals, a comprehensive program for the April–June period was presented to the president, which includes the drilling and commissioning of 22 new wells and the capital repair of 31 existing ones.

Furthermore, 21 technical initiatives are scheduled for implementation to modernize infrastructure. According to Sukhrob Khamraev, these combined efforts are expected to increase daily natural gas production by 6.7 million cubic meters, ensuring a steady supply for the domestic market and industrial needs.