Umurzokov Jamoliddin, PhD
Independent researcher of Tashkent Financial Institute,
e-mail: jamoliddin.umurzokov@gmail.com
ORCID: 0000-0002-7662-4210
Abstract. Currently, investment activity occupies a special place among the important conditions and factors for sustainable economic development. Investments are considered one of the most important factors in solving socio-economic issues, and the state of the economy is assessed by the level of their involvement.
Primary energy resources, represented by hydrocarbons – oil and natural gas, occupy a leading position in the global energy sector. To meet the growing demand for them, the main actors of the oil and gas industry – international and national oil and gas companies – should develop a clear long-term investment strategy that involves attracting large capital investments. At the same time, the exploration, production, transportation and processing of hydrocarbons, which are the object of investment, are aimed at increasing the profitability of these investments.
In recent years, these companies have been operating, on the one hand, in favorable market conditions, and on the other hand, in conditions of limited financial, material and human resources, as well as in conditions of increased political pressure from the governments of the country where they are located. The reduction of explored reserves, the increase in capital and operating costs, especially in the context of the financial and economic crisis, creates a great risk for oil and gas companies, leads to a deterioration in their financial and economic performance, and difficulties in the implementation of investment projects to increase production capacities for the extraction of hydrocarbon resources.
The process of economic reforms carried out in our country shows that high rates of economic growth and the level of satisfaction of the growing demand for investment resources are incompatible with each other. The implementation of new projects in order to regularly bring the main activity to a qualitatively new level in oil and gas enterprises, the desire to capture promising markets requires additional investment.
Today, the oil and gas industry is becoming a driver of the national economy. The financial resources coming from this sector play a leading role in filling the revenue part of the state budget.
This article analyzes the directions for improving the mechanism of investment activity of oil and gas enterprises, develops practical solutions and recommendations regarding the prospects for improving the financial mechanism of investment activity and the impact of increasing investment activity on ensuring the effectiveness of projects.
Key words. Investment, modernization, financial-investment activity, divestment, crowdfunding, efficiency, hydrocarbons, oil and gas companies, project efficiency, forecasting, risk management.