Representatives of Uzbekneftgaz JSC stated during a recent press conference that the state-owned enterprise has not absorbed any assets or shares from the private company Sanoat Energetika Guruhi (Saneg) following the revocation of its oil and gas field licenses. The comments were made in response to media inquiries regarding the current status and operational control of the disputed fields.

Earlier in October, State Assets Management Agency Director Sahibjon Muradov announced that Saneg's subsoil use licenses were revoked due to a failure to meet permit conditions and a lack of economic activity on the designated plots. This decision sparked widespread questions about who is currently managing the operational and financial aspects of these lucrative energy resources.

Abrorjon Khudoyberganov, Deputy Chairman of the Management Board of Uzbekneftgaz, noted that Saneg operates as an independent entity with no subordinate ties to the state company. He explicitly stated that no funds, equity, or operational control had been transferred to Uzbekneftgaz following the government's announcement to strip Saneg of its licensing rights.

To recap, over 100 oil and gas fields were transferred from Uzbekneftgaz to Saneg back in 2019 under a secretive government decree aimed at boosting domestic hydrocarbon production. However, subsequent years showed declining extraction volumes, and the initial transfer has since become a subject of criminal investigations involving former top management and disputed asset valuations.

Source: www.gazeta.uz