Uzbekistan, Tashkent, Jan.17 / Trend D.Azizov /
LUKOIL management approved an additional 6.6 per cent-share in Production Sharing Agreement (PSA) in the Uzbek part of Aral sea purchased by LUKOIL Overseas (operator of international upstream projects of the company), LUKOIL Overseas corporate edition reported on Tuesday.
The edition says LUKOIL management also approved purchase of 6.6 per cent in the authorized capital of Aral Sea Operating Company - operating company of the project. LUKOIL will increase its share due to Petronas's withdrawal from the project.
It was reported earlier that the Petronas left the international consortium carrying out exploration in the Uzbek part of the Aral Sea under a production sharing agreement (PSA) in May 2011.
The Malaysian company motivated its withdrawal from the consortium by need to expand work in other investment blocks in Uzbekistan including Gajak field.
Petronas's20 per cent-share was distributed equally among other members of the consortium and one of the partners didn't increase its share due to the withdrawal of the Malaysian company.
International consortium of Uzbekneftegaz, LUKOIL, Petronas, Korean KNOC and Chinese CNPC on Aral project implementation with equal 20-per cent shares was created in 2005. PSA on Aral block was signed in 2006 and consists of two parts: exploration work (license on exploration work was issued for 5 years - Aral Sea Operating Company joint venture) and further development of discovered hydrocarbons reserves for 35 years. The start date of the projects implementation is Jan.31, 2007. The investment at initial stage of exploration period (seismic work and drilling of two exploration wells) is around $100 million.
Seismic prospecting with total of 3,000 linear kilometers was carried out, 6 perspective structures were revealed, four of which (Western Aral, Umid, Ak-Tepe and Shagala) were categorized and made ready for drilling within the implementation of the project in 2007-2009. A gas field with preliminary estimation of reserves at 11 billion cubic meters in spring 2010 was discovered in Western Aral structure.
The volume of investment in the project exceeded $110 million. The program of further work on the project, including drilling of exploration wells with minimum volume of financing at $17 million.
Uzbekneftegaz reported that there may be over 30 anomalies connected with oil and gas reserves within Uzbek sector of the Aral Sea with total area of 12,500 square meters.