President of Uzbekistan Shavkat Mirziyoyev held a meeting on Nov. 20 to discuss the state of affairs in the oil and gas industry and its further development, the press service of the head of state said.
It is planned to implement 30 investment projects worth $36.5 billion in geological exploration, production and deep processing of hydrocarbons for the further development of the oil and gas sector until 2030.
It was noted at the meeting that if specific measures are not taken to increase hydrocarbon reserves, the existing reserves will shrink in half over the next 10-15 years. In this regard, the management of Uzbekneftegaz was instructed to expand the scale of geological exploration and increase production, modernize existing and open new fields, deeply process oil and gas resources, and expand investment attraction.
The president also noted that most of the gas pipelines and the gas distribution system was built in the last century and is in need of repair. In the future, in order to guarantee the supply of natural gas to consumers, a project worth $1.6 billion will be implemented to modernize the trunk gas transmission system and control gas flows (SCADA).
In January-October 2018, Uzbekistan reduced oil production to 624,300 tons, which is 9.2 percent less compared to the same period in 2017.
At the same time, natural gas production amounted to about 49.46 billion cubic meters, which is 6.8 percent more compared to the same period of 2017.
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