Uzbekistan, Tashkent, Sept. 17 / Trend D. Azizov /
Uzbekistan will invest $359.3 million in the implementation of the first phase of the South Kemachi oil and gas field modernization (Kashkadarya region, south of Uzbekistan) until 2017, the Cabinet of Ministers decree on 'Measures for implementation of the 'South Kemachi field modernization' investment project.
According to the document, the facilities for production, transportation and re-injection of gas into the reservoir, the so-called 'cycling process' at the first phase (up to 2017) will be constructed.
The project will be financed by the funds of the Uzbekneftegaz National Holding Company to the amount of $326.307 million and the Uzbek Fund for Reconstruction and Development's loan worth $33.015 million.
According to the specialists, the total project cost is estimated at $579.2 million.
It is planned to build 37 operating wells and a booster station within the second phase until 2021. It is planned to ensure production of 3.29 billion cubic meters of gas, 243,830 tons of crude oil and 77,080 tons of condensate at the field.
It was reported that Uzbekistan intends to modernize oil and gas fields worth $2.35 billion by late 2020.
Uzbekistan reduced the production of liquid hydrocarbons by 11.6 per cent up to 3.165 million tons in 2012 compared to 2011. Oil production fell by 17.4 per cent to 1.561 million tons and gas condensate by 5.6 per cent (to 1.604 million tons). Natural gas production fell by 0.2 per cent to 62.911 billion cubic meters last year.