The Chinese company Jingbian Xinrong will assist "Uzbekneftegaz" in increasing hydrocarbon production on the Ustyurt plateau, according to the state company's press service.
Chairman of "Uzbekneftegaz" Bakhtiyor Siddikov and CEO of Jingbian Xinrong Oil Well Technical Service Co., Ltd Yungqi Shang discussed joint initiatives aimed at boosting hydrocarbon extraction in the Ustyurt group of fields, which are characterized by hard-to-recover reserves.
The parties explored the possibility of implementing projects under risk service conditions in collaboration with Uz Gas Projects, a subsidiary of the state company engaged in gas production.
During the negotiations, the importance of enhancing hydrocarbon extraction efficiency, introducing advanced technologies and innovative solutions, and sharing experiences to optimize production processes was emphasized.
Additionally, "Uzbekneftegaz" held talks with the French company XP Group regarding a project aimed at increasing gas production in a group of gas fields with difficult-to-recover hydrocarbon reserves.
The parties noted the need for an "effective approach to field development and the implementation of modern technologies to enhance hydrocarbon resource extraction." They also confirmed their interest in deepening cooperation and exchanging experiences in optimizing hydrocarbon extraction and processing processes.
In 2025, "Uzbekneftegaz" plans to attract $2 billion from international sources to finance production and geological exploration projects. To address the issue of resource depletion, the company aims to introduce modern technologies and commence geological surveys in 15 promising areas. The area for seismic exploration will be increased to 6,500 square kilometers.
Previously, Spot reported that AGMK plans to issue eurobonds worth $1 billion, while "Uzmetkombinat" aims for $300 million.