The relevance of this research is driven by the transition of most natural gas fields to the late stage of development, which is accompanied by a significant increase in water production and creates thermodynamic conditions conducive to the emergency blockage of wellbores by gas hydrates. The aim of the study was to determine the influence of water cut and reservoir drawdown on the characteristics of the hydrate formation process in watered gas wells in order to optimise their operating conditions. To achieve this objective, a comprehensive mathematical model of the thermodynamic state of a multiphase fluid was developed and applied to a series of simulations on a model well under different reservoir drawdown values (2.5%, 5.0%, 7.5%, 10.0%, and 15.0% of the initial reservoir pressure) and water cut values (0-1,000 L/thousand m³). The results showed that, at low reservoir drawdown (2.5% of the initial pressure) and limited water inflow, the hydrate formation risk zone is most critical and extends to depths exceeding 1,000 m. The temperature distribution along the wellbore was analysed, demonstrating that when the water cut exceeds 500 L/thousand m³, the gas-liquid flow becomes sufficiently “hot” due to the high heat capacity of water, enabling the well to leave the hydrate formation zone without external intervention. Critical water cut values corresponding to the cessation of natural flowing conditions were determined, at which the actual wellhead temperature decreased to a minimum of 0.28 °C. A graph-analytical method for constructing hydrate formation boundaries was developed, making it possible to clearly distinguish between the thermodynamic states associated with active hydrate formation and those corresponding to stable well operation. It was demonstrated that increasing reservoir drawdown leads to an increase in the critical water cut value at which hydrate formation in the production tubing ceases without external intervention. The practical significance of the results lies in the possibility of using the developed model by petroleum engineers and field specialists for the justified selection of hydrate-free operating modes for watered gas wells