Uzbekneftegaz plans to invest $1.2 billion in 2026. The company's press service reported this. Prior to this, the investment portfolio was reviewed as part of the "Actual 100 Days" program.
What changed in the portfolio
Initiatives lacking sufficient economic justification were excluded from the program. Additionally, external debt volume was optimized. According to the company, this reduced financial burden and allowed resources to focus on more efficient areas.
Investment committee and new policy
An investment committee began operating within the company structure. It evaluates investment projects and should increase their effectiveness. The committee includes representatives from government agencies and foreign specialists. Strategically significant projects are under special oversight.
The investment policy was also updated. Projects are now evaluated on three criteria:
- economic efficiency;
- impact on financial sustainability;
- significance for expanding the resource base.
Priorities and partners
Priority areas include developing geological exploration and modernizing production, including in promising blocks of the Ustyurt region.
The company is also developing cooperation with Chinese partners. Interaction has been established with BGP, which is part of CNPC, and negotiations with XIBU are underway for well drilling. Agreements have been reached with Shandong Molong and Hengyang Valin for drilling pipe supplies for depths up to 7,000 meters.
Previously, Uzbekneftegaz announced the launch of service price optimization.