TASHKENT, Uzbekistan, December 23.
Uzbekneftegas plans to develop a unified development strategy that
will integrate all areas of the company’s operations, along with a
detailed implementation program, Trend reports via the company.


The announcement was made during a meeting attended by Abdugani
Sanginov, Chairman of the Board of JSC Uzbekneftegas, where
discussions centered on outlining both the short-term and long-term
development strategy for Uzbekistan’s oil and gas sector.


To ensure sustained growth, enhance operational efficiency, and
implement reforms focused on value creation, the company has
identified key strategic priorities. These priorities are designed
not only to guide the sector’s development but also to ensure the
timely and effective execution of objectives set forth by the
country’s leadership.


In its upstream operations, Uzbekneftegas intends to move away
from the practice of prioritizing output volumes and instead adopt
a value-based, profitability-driven approach. The economic
efficiency and profitability of each field will become the primary
performance metrics.


As part of this shift, the company stressed the importance of
cost optimization, with plans for a 20% reduction in the cost and
regulatory standards for activities such as project design,
geophysical surveys, geological exploration, and drilling.


Expenditure on geological exploration and drilling will be
reassessed, focusing on cost efficiency and capitalization
strategies that aim to improve overall operational
effectiveness.







A key focus will be placed on the deep processing of natural
gas. Notably, the expansion of the gas-to-liquids (GTL) plant is
expected to significantly increase the production of high-margin
finished products, reduce imports, and bolster the country’s export
capabilities.


To ensure full financial transparency, Uzbekneftegas will
introduce International Financial Reporting Standards (IFRS),
conduct an inventory of its procurement system, and take steps to
limit the use of direct contracts.


The company also plans to significantly reduce its debt burden
through more effective credit management, debt optimization, and
the development of a financial model for 2026, which is expected to
strengthen its financial stability.


Following the meeting, it was noted that the implementation of
these measures will contribute to the sustainable development of
Uzbekistan’s oil and gas sector and support the transformation of
JSC Uzbekneftegas into a modern, efficient, and competitive
company. To ensure the execution of these objectives, the company
announced the launch of an updated 100-day action plan.