Field construction in south-west of Uzbekistan to be completed in November 2015

Business Materials 13 March 2015 17:53 (UTC +04:00)

Tashkent, Uzbekistan, Mar.13

By Demir Azizov- Trend:

Gissarneftegaz JV plans to complete the construction project of 28 wells and construction of decompressing station with capacity of 6 million cubic meters of gas per day on the field Northern Nishan in the Bukhara-Khiva oil and gas region in November 2015, a source close to the project told Trend March 13.

The cost of the project is $192.77 million.

The project is implemented to maintain pressure on the gas condensate fields of Gissarneftegaz JV with the production of up to 2 billion cubic meters of gas per year, according to the source.

Work on the project is implemented by Singaporean Enter Engineering Pte Ltd. under contract with the Gissarneftegaz JV. Financing of the contract with Enter Engineering, concluded on a "turnkey", is implemented at the expense of equity of the joint venture founders.

Gissarneftegaz JV was created in 2005, and it is engaged in exploration, oil and gas production, it has a license for exploration within Tagam-Shimoliy-Tandyrchi zone of the Hissar region and the development of gas condensate fields Northern Nishan, Kamashi, Beshkent, Northern Guzar and Shakarbulak in Bukhara -Khiva oil and gas region.

At the initial stage, co-founders of the joint venture were a subsidiary of Uzbekneftegaz and the Swiss Zeromax GmbH. Later, Gas Project Development Central Asia AG (a subsidiary of Gazprom Germania GmbH) joined them. After the bankruptcy of Zeromax in 2010, the main shareholder of both joint ventures is Uzneftegazdobycha JSC (part of Uzbekneftegaz). Gissarneftegaz JV is now called the Uzbek-Swiss one. However, foreign co-founders are not disclosed.

Edited by CN