Uzbekneftegaz gradually decreasing gas production rate

Uzbekneftegaz plans to produce 29.3 billion cubic meters of natural gas in 2024. The company’s indicators in this regard have been decreasing for 3 years in a row, Azernews reports, citing Kun.uz news agency.

In the state program for 2024, it is noted that Uzbekneftegaz JSC will produce 29.3 billion cubic meters of natural gas in 2024. For this, a number of geological and technical activities are carried out.

In particular, measures will be taken to return them to production at the expense of drilling 95 utility wells, carrying out complex capital repair works in 81 wells, and 42 technological measures will be implemented.

Uzbekneftegaz has been reducing gas production

The company produced 33.9 billion cubic meters of natural gas in 2021 and 32.2 billion cubic meters in 2022. If we take into account the forecast of 29.3 billion cubic meters in 2024, the company will have reduced gas production by 13.6% in 3 years.

Figures for 2023 have not been officially announced yet, but Uzbekneftegaz has lowered its natural gas production forecast for this year twice last year.

At first, at the end of 2022, company officials said that in 2023, it is planned to extract 34.1 billion cubic meters of gas, including 1.8 billion cubic meters due to geological exploration. But in February (2023), the forecast was reduced to 32.8 billion cubic meters, and in August to 32.3 billion cubic meters.

The deputy chairman of the company, Bekhzod Usmonov, explained that this happened because the forecasts made on the reduction of reserves in the mines were not justified. “They are shrinking rapidly”, he said.

Gas production in Uzbekistan has decreased for the fifth year in a row

In January 2024, 4 billion cubic meters of gas were extracted, which is 7.4% less than in January of last year. Official statistics show that gas production has declined for the fifth year in a row.

According to the statistics agency, in 2021, 53.8 billion cubic meters of gas were extracted, while this indicator decreased to 51.7 billion cubic meters in 2022, and 46.7 billion cubic meters in 2023.

In general, for five years in a row, the indicator of gas production in Uzbekistan has been showing a downward trend. Official statistics recorded a 10% drop in January 2020, 4.4% in January 2021, 2.4% in January 2022, 7.5% in January 2023, and 7.4% in January 2024.