President Shavkat Mirziyoyev reviewed the implementation of previously issued instructions on February 23, aimed at improving the operational and financial performance of Uzbekneftegaz.
The review focused on progress achieved following a presentation held on January 30, during which priority tasks were defined to strengthen efficiency, financial stability, geological exploration activities, and hydrocarbon reserve growth, presidential press service reports.
During the briefing, officials reported on measures undertaken to reduce costs and improve corporate management. The organizational structure of the company’s central office is currently under review as part of broader optimization efforts.
Work has begun to reassess pricing for production services, goods, materials, and contracted work. In parallel, the company is restructuring its loan portfolio and divesting non-core assets. Authorities also reported the establishment of systematic procedures aimed at reducing accounts receivable.
The review addressed plans to expand geological exploration activities and increase hydrocarbon reserves. Exploration work at new sites across several regions is scheduled for 2026–2027. Planned measures include expanding the use of three-dimensional seismic exploration technologies and completing construction of additional wells.
According to the briefing, two new gas condensate fields were discovered during January–February of the current year.
As part of Uzbekneftegaz’s longer-term development strategy, the company plans to accelerate forensic audits, strengthen procurement procedures, and introduce environmental, social, and governance (ESG) principles into its operations. Preparations are also underway to transition corporate reporting toward international standards.
Following the presentation, the president instructed responsible officials to ensure the implementation of planned measures through detailed calculations, strengthened discipline, and clearly defined personal accountability mechanisms.
