The president Shavkat Mirziyoyev reviewed the progress of his previous directives to improve the performance of Uzbekneftegaz on Monday.
At the presentation held on January 30 of this year, specific objectives were identified to improve the company's operational efficiency, ensure its financial stability, expand geological exploration, and increase oil and gas reserves.
Today, Shavkat Mirziyoyev was provided information on the progress of these objectives.
First, steps taken to optimize expenses were reported. Specifically, the organizational structure of the company's central office is being reviewed and optimized. Work has begun to revise prices for production services, goods and materials, and contract work, and the loan portfolio is being streamlined. Non-core assets are being divested. Systematic efforts to reduce accounts receivable have been identified.
The parties discussed ways to expand geological exploration and increasing oil and gas reserves. Specifically, exploration efforts at new sites in several areas are planned for 2026–2027, along with an expansion of 3D seismic exploration and completion of well construction. The president was told that two new gas condensate fields had been discovered in January–February of this year.
The company's development strategy stipulates to expedite forensic audits, improve procurement procedures, implement ESG principles, and prepare reporting based on international standards.
The head of state gave directives to ensure the implementation of planned tasks and activities based on precise calculations, strict discipline, and personal accountability.
