President Mirziyoyev Reviews Reform Progress at Uzbekneftegaz, Calls for Greater Efficiency and Accountability
Tashkent, The Gulf Observer: President Shavkat Mirziyoyev reviewed the progress in implementing previously issued directives aimed at improving the operational efficiency of the joint-stock company Uzbekneftegaz.
The review followed a presentation held on January 30, during which specific tasks were outlined to enhance the company’s operational performance, ensure financial stability, expand geological exploration activities, and increase hydrocarbon reserves.
During the latest briefing, the Head of State was informed of the progress achieved in fulfilling these objectives. Particular attention was given to cost optimization measures. It was reported that the organizational structure of the company’s central office is currently undergoing review and optimization. Efforts have commenced to revise pricing mechanisms for production services, goods, materials, and contracted works, while measures are also being taken to streamline the company’s credit portfolio. Additionally, non-core assets are being removed from management as part of restructuring efforts.
Officials noted that systematic measures have been introduced to reduce accounts receivable and strengthen financial discipline.
The meeting also addressed issues related to expanding geological exploration and increasing hydrocarbon reserves. Plans for 2026–2027 include intensifying exploration at new sites across several regions, expanding the scope of 3D seismic surveys, and completing the construction of new wells. It was further reported that two new gas-condensate fields were discovered in January and February of this year.
As part of the company’s long-term strategic development, it is planned to accelerate a forensic audit, enhance procurement procedures, implement environmental, social, and governance (ESG) principles, and prepare financial and operational reports in line with international standards.
Concluding the meeting, President Mirziyoyev instructed responsible officials to ensure the full and timely implementation of the planned measures, emphasizing the importance of precise calculations, strict discipline, and personal accountability in achieving the company’s reform objectives.
