西迪科夫介绍，乌计划独立开发该气田，不引入外国合作伙伴。2025年7 月，在钻探首口设计深度为5000米的勘探井过程中，于4707米处发生天然气泄 漏事故，历经一个月妥善处置后得到有效控制。此后，各项工作顺利推进。仅 两个月时间，天然气产量即达1亿立方米，开采成本约450亿苏姆（约370万美 元），同期收入约600亿苏姆（约493万美元）。目前已启动4口新井钻探，以 进一步评估该气田的储量与地质特征。 根据英国能源研究所数据，截至2024年底，乌探明天然气储量1.97万亿立 方米，但产量较2019年下降近25%。在此背景下，乌正加快发展可再生能源并 扩大从俄罗斯、土库曼斯坦两国的天然气进口。 （原标题：乌兹别克斯坦发现超高压天然气田） 乌报纸网11月10日报道，乌兹别克斯坦国家石油天然气公司董事会主席西 迪科夫宣布，在卡拉卡尔帕克斯坦共和国穆伊纳克地区发现一处压力异常高的 天然气田，是继乌斯秋尔特地区发现超深层大型气田后的又一重大能源发现。 ...

Core Viewpoint - The company is focused on enhancing the efficiency and cost-effectiveness of natural gas resource exploration and development in the Shilou West Block through geological understanding, technological innovation, and optimization of plans [1] Group 1 - The company is committed to deepening geological understanding in its exploration efforts [1] - The company emphasizes technological innovation as a key factor in improving project outcomes [1] - The company collaborates with partners to continuously enhance project efficiency and cost optimization [1]

Report Summary 1. Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - China's natural gas supply security has been significantly enhanced, with production achieving leap - forward growth in the past decade [7]. - China's natural gas consumption has doubled in the past decade, and the energy consumption structure has been continuously optimized [13]. 3. Summary by Sections China's Natural Gas Supply - **Production Growth**: From 2015 to 2024, China's natural gas production increased from 126.9 billion cubic meters to 246.5 billion cubic meters, with a continuous year - on - year increase of over 10 billion cubic meters for 8 consecutive years. In 2024, the increments of conventional and unconventional natural gas production compared to 2015 were basically the same. China's share of global natural gas production rose from 3.9% in 2015 to 6% in 2024 [2][7]. - **Exploration and New Reserves**: In 2024, China's newly discovered geological reserves of natural gas (including shale gas and coalbed methane) exceeded 1.6 trillion cubic meters. Unconventional natural gas production reached about 109.7 billion cubic meters in 2024, accounting for 44.5% of the total [8]. - **Production Regions**: The main production areas are in the northwest, southwest, and north of China. The Sichuan Basin, Ordos Basin, and Tarim Basin are major on - shore production bases, with outputs exceeding 74 billion, 74 billion, and 36 billion cubic meters respectively in 2024. Offshore production exceeded 25 billion cubic meters. These four regions accounted for 84.7% of the national total. Provinces with annual production over 10 billion cubic meters in 2024 were Sichuan, Xinjiang, Shaanxi, Inner Mongolia, Shanxi, and Guangdong, together accounting for 82.8% [2][9]. - **Production Enterprises**: "Three Big Oil" companies (CNPC, Sinopec, and CNOOC) dominated the supply, accounting for 88.3% of the total production in 2024. CNPC produced 158.6 billion cubic meters (64.3% of the national total), Sinopec 39.7 billion cubic meters (16.1%), and CNOOC 19.4 billion cubic meters (7.9%) [10]. China's Natural Gas Demand - **Consumption Growth**: From 2015 to 2024, China's natural gas consumption doubled from 193.2 billion cubic meters to 423.3 billion cubic meters, with a compound growth rate of 8.2%. Its share in primary energy consumption increased by 3 percentage points to 8.8%. In 2024, China's natural gas consumption accounted for 10.5% of the global total, up from 5.6% in 2015 [3][13]. - **Consumption Structure**: In 2024, urban gas, industrial fuel, power generation, and chemical and fertilizer use accounted for 34%, 41%, 18%, and 7% of the total consumption respectively. Industrial fuel and urban gas were the two main consumption sectors [3][14]. - **Consumption Regions**: The consumption pattern is "self - use in production areas + transportation to core markets". The main consumption areas are natural gas - rich regions like Sichuan, Shaanxi, and Xinjiang, and economically developed regions with good infrastructure such as Guangdong, the Yangtze River Delta, and the Beijing - Tianjin - Hebei region. In 2024, the top ten provinces in terms of consumption accounted for 63% of the total, with Guangdong, Jiangsu, and Sichuan each consuming over 30 billion cubic meters [3][18]. - **Power Generation**: From 2015 to 2024, China's natural gas power generation increased from 166.9 TWh to 320.7 TWh, with a compound growth rate of 6.7%. As of July 2025, the installed capacity of gas - fired power generation reached 160 million kilowatts. However, its share in the power generation structure was low, with 3% of the power generation and 4% of the installed capacity in 2024, far below the world average of 22% [14][17].

Core Insights - The company reported a significant increase in revenue and natural gas production for the first quarter of 2025, with revenue reaching 688 million yuan, a year-on-year growth of 156% [1] - The company achieved a net profit of 20.93 million yuan, marking a turnaround from previous losses [1] Group 1: Production and Revenue Growth - The company aims to enhance natural gas exploration and development, targeting a daily production rate exceeding 3.2 million cubic meters by the end of 2025, with an annual production forecast of over 900 million cubic meters [1] - The substantial increase in production is expected to lead to significant improvements in overall performance [1] Group 2: Cost Management - The company is focused on deep coalbed methane development, which is anticipated to lower costs due to technological advancements and optimized solutions [1] - Infrastructure development, including electric and water networks, is being pursued to improve operational efficiency and reduce development costs [1] Group 3: Sales Strategy - The company plans to expand its downstream sales of natural gas, emphasizing the importance of sales price fluctuations on performance elasticity [1] - With increased production and enhanced supply capabilities, the company aims to match prices with more favorable downstream customers [1]