The government of Uzbekistan will invest $33 billion in the oil and natural gas sector by 2025, the country's state oil and gas company announced Friday.
The government will actualize that more than 30 investment projects with the $33 billion investment in the oil and gas sector between 2019-2025, according to the statement from Uzbekneftegaz.
In 2014, natural gas accounted for around 85.5% of Uzbekistan’s primary energy consumption. The country produced 57.3 billion cubic meters (bcm) of natural gas and consumed 48.8 bcm that year, according to the World Energy Council (WEC) data.
Tashkent exports natural gas through pipeline. In 2014, pipeline gas exports amounted to 8.5 bcm out of which Russia was the largest importer with 4.1 bcm, WEC data shows.
- Ageing infrastructure and declining production
Because of ageing infrastructure and a dearth of foreign investment and capital, production in the country rapidly declined after 2003. In 2010, Uzbekistan produced 59,000 barrels of oil per day (b/d), marking a 60% decline from 2000 levels.
Uzbek's oil fields discovered so far are located in the southwest of the country in the Amu-Darya Basin and in the Tadzhik-Fergana Basin in the east.
All of Uzbekistan’s crude production and condensate are either processed in domestic refineries or used directly as feedstock for petrochemicals.
Reporting by Bahtiyar Abdukerimov in Tashkent
Writing by Muhsin Baris Tiryakioglu