The largest gas producer in Uzbekistan, Uzbekneftegaz unveiled plans to produce 26.5 BCM of natural gas in 2025. This was reported by the Uzbekistan 24 TV channel, citing Uzbekneftegaz Chairman Bakhodirjon Sidikov, who presented plans for next year to the president Thursday.
The foreacst volume is by 2.8 BCM less than the forecast for this year (29.3 billion), and by 5.7 billion less than what was produced in 2022 (32.2 billion).
To bring the production volume to 26.5 BCM, it is projected to commission new wells and overhaul the old ones.
At government meeting with the President, a presentation was made on the transformation of Uzbekneftegaz, with one of the main goals being to cut production costs by 8% and upgarde the international credit rating.
In 2025, Uzbekneftegaz seeks to attract $2 billion in foreign loans to finance production and exploration projects.
This winter season, it is projected to supply 21 BCM of gas to consumers in Uzbekistan.
Decline in gas production of Uzbekneftegaz
Gas production at the fields and joint projects of Uzbekneftegaz is declining from year to year.
In 2022, the company's production forecast was 34 BCM, while the actual result was 32.2 BCM.
Uzbekneftegaz downgraded its natural gas production forecast for 2023 - from 34.1 to 32.3 BCM.
According to the state program, the projection for 2024 was at 29.3 BCM of gas. In addition to Uzbekneftegaz, the private company Sanoat Energetika Guruhi (Saneg), private oil and gas companies and other foreign enterprises working with Uzbekneftegaz under a production sharing agreement (Lukoil, Gazprom, Gas Project Development Central Asia AG) are named as those responsible for achieving this goal.
In November 2022, the former deputy chairman of Uzbekneftegaz, Bekhzod Usmanov, announced a production forecast until 2026. Judging by the forecast, natural production at fields will continue to fall, since in order to maintain production at the level of 34.1 BCM in 2024, it is necessary to compensate for 4.6 BCM of gas through geological exploration, 7.1 BCM in 2025, and 9.6 BCM in 2026.
