Restructuring at Uzbekneftegas

Uzbekistan’s state-owned Uzbekneftegas (UNG) is to be restructured in a bid to satisfy domestic and international energy needs, ensure that international practices are adhered to in order to attract investments, and to embrace a culture of accountability, transparency and regulation.

Top operational priorities include increasing hydrocarbon production, modernising the gas transmission system, improving accounting and control of production, processing, transportation and sales of natural gas, optimising investment projects, strengthening  financial discipline and improving pricing in the oil and gas industry. The restructuring will also take into account growing international investor awareness of environmental, social and governance (ESG) performance.

It is planned to increase natural gas production to 42.3bn cm and LNG to 1.5mn tonnes by 2024 by encouraging cooperation with large multinational oil and gas companies, especially in fields with hard-to-recover reserves and by the use of modern technologies. The non-core assets of Uzbekneftegaz and its member enterprises are to be sold.

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