Tashkent, Uzbekistan (UzDaily.com) —  The management of Uzbekneftegaz (UNG) forecasts moderate growth in gas production in the near future, according to a press release from Fitch Ratings.

According to Fitch data, UNG’s natural gas production declined from 33.9 billion cubic meters in 2021 to 29.2 billion cubic meters in 2023. The agency also highlighted that 10% of the company’s fields account for 70% of total production, but the depletion of these assets has led to a reduction in output.

“According to the company’s management, the decline in production was halted in 2024, and moderate growth is expected,” the Fitch report states.

The agency adds that the total hydrocarbon production by UNG in 2023 amounted to 520,000 barrels of oil equivalent per day. However, profitability per barrel remains low due to regulated gas prices. The majority of the company’s production comes from natural gas.

The remaining proven reserves of the company are estimated to last for 13 years, which Fitch Ratings considers an acceptable indicator.

From January to October 2024, Uzbekistan produced 37.09 billion cubic meters of natural gas, 4.8% less than in the same period last year, according to the State Statistics Committee.