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Tasks for development of oil and gas industry are defined

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Tasks for development of oil and gas industry are defined

On November 20, the President of the Republic of Uzbekistan Shavkat Mirziyoyev held a meeting devoted to discussing the state of affairs in the oil and gas industry and issues of further development of the industry.

The oil and gas industry has an important place in the economy of the country. It is a key source of raw materials for production of polymers, organic chemicals and nitrogen fertilizers necessary for many sectors of the economy.

Over the past two years, as a result of measures taken in the industry, gas production increased by 10 percent, natural gas supply increased by 15 percent, and liquefied gas by 1.6 times.

During this period, the refineries produced an additional 204 thousand tons of petroleum products, and the domestic market’s demand for petrol and diesel fuel is fully satisfied.

In the current year, polyethylene and polypropylene were produced in Shurtan and Ustyurt gas chemical complexes, the added value of which is 4 times higher than the cost of gas by almost $700 million.

For further development of the oil and gas sector until 2030, it is planned to implement 30 investment projects worth $36.5 billion in geological exploration, production and deep processing of hydrocarbons.

It was noted at the meeting that if specific measures will not be taken to increase hydrocarbon reserves, the existing reserves will be halved over the next 10-15 years.

In this regard, the leadership of Uzbekneftegaz JSC was instructed to expand the scope of geological exploration and increase production volumes, modernize existing and open new fields, deeply process oil and gas resources, and expand investment attraction. Instructions were given for broader attraction of investors to exploration and production based on international experience, development of new mechanisms aimed at ensuring equal protection of the interests of the state and investors.

At the same time, instructions were given to submit, by the end of this year, proposals for implementation and financing of the second phase of the program for hydrocarbons extraction in 2017–2021.

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