Condor reports increased oil production in Uzbekistan

Condor Energies Inc., based in Calgary, has announced its financial results for 2024. The company has focused on enhancing energy production in Central Asia, particularly in Uzbekistan. Their strategy includes using Western technologies on eight existing gas fields. In 2024, Condor managed to reduce a significant annual production decline and increase overall output. As a result, their production and revenue have risen each quarter, and they have maintained a strong safety record with no lost time incidents. In March 2025, production surpassed 12,000 barrels of oil equivalent per day. The company is also working on Kazakhstan’s first liquefied natural gas (LNG) facilities. Construction is underway, with completion expected by late 2025 and production to start in early 2026. They are also securing agreements to sell LNG, which will be used to replace diesel in various industries. Moreover, Condor is expanding its operations in critical minerals, particularly lithium in Kazakhstan, as this sector is crucial for national security and economic growth. They received new exploration licenses for mining and are planning to drill to verify lithium concentrations. In its financial activities, Condor raised about $19.4 million through a private placement, which will help fund its projects. The company’s gas production in Uzbekistan has shown consistent growth, demonstrating their effective management and investment strategies. Overall, Condor aims to diversify its revenue through multiple streams while contributing to sustainable energy solutions in the geopolitically significant Central Asia region.