KNOC share in Aral project is equally distributed among other participants in Uzbekistan

Business Materials 2 December 2013 19:06 (UTC +04:00)

Tashkent, Uzbekistan, Dec. 2

By Demir Azizov - Trend:

Korea National Oil Corporation's share (KNOC) in the Aral Sea Operating Company, conducting the geological exploration in the Uzbek sector of the Aral Sea, has been equally divided between other participants of the project, a source close to the project told Trend on Friday.

KNOC notified Uzbekneftegaz about withdrawal from Aral Sea Operating Company's project in September 2013, in which it owned 20 percent. The reasons for the Korean company's withdrawal from the project were not announced.

"Currently, LUKOIL, Uzbekneftegaz and CNPC are involved in the project on an equal footing," an interlocutor added.

It was previously reported that Malaysia's Petronas also withdrew from the consortium in 2011. Its share was distributed among other participants of the project.

The production sharing agreement for the project was signed in August 2006 for a period of 35 years. It entered into force in January 2007.

The investment volume in the project amounted to more than $ 110 million.

Currently, 3D- seismic exploration is being conducted within the project. At the current stage of the exploration work until mid-2016, one exploration well and two wells based on the results of exploration drilling will be drilled.