The key facts

  • In the first nine months of 2026, about 17 billion cubic metres of gas were produced; the annual target is 22.8 billion versus 25.2 billion in 2025.
  • The decline in base production has reached 12.6 million cubic metres per day, of which about 5 million have not yet been offset.
  • The main reason is the depletion of reserves at large fields by more than 80%.

Production is declining despite new fields

The new fields and wells being commissioned by Uzbekneftegaz do not yet allow the decline in production at older facilities to be fully offset. This was stated on 27 October at a press conference by the company's chief geologist Nodir Mukhiddinov, reports Spot.uz. According to him, the increase from exploration and new wells 'does not fully cover this decline'.

Nine-month figures

In January–September 2026, Uzbekneftegaz and the enterprises within its structure produced about 17 billion cubic metres of gas. By the end of the year, the company plans to bring the volume up to 22.8 billion cubic metres. For comparison: in 2025 the figure was 25.2 billion, meaning annual production may fall by 9.5%. At the beginning of the year, daily production stood at 65 million cubic metres; since then, the decline in base production has reached 12.6 million cubic metres per day, of which about 5 million have not yet been offset.

Causes and measures

One of the main reasons for the decline, according to Mukhiddinov, is the high degree of depletion of reserves at large fields: recovery there has exceeded 80%, which is why production continues to fall. To slow the decline, since the beginning of the year the company has carried out major and routine repairs on 79 wells with its own resources. By the end of the year, Uzbekneftegaz expects to return daily production to the level of the beginning of the year — through continued well repairs, the commissioning of facilities discovered during exploration, the launch of wellhead compressor stations and complex major repairs, including sidetrack drilling on wells taken out of operation.

Context of debt burden

Spot previously wrotethat Uzbekneftegaz wants to refinance loans worth $1.1 billion, of which $840 million relates to Uzbekistan GTL. Thus, the plans to stabilise production coincide in time with the company's efforts to restructure its debt, but sources do not directly link the two processes.