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LUKOIL increases gas investments in Uzbekistan

Business Materials 1 December 2015 13:50
The Lukoil Russian oil company increased investments in exploration and production of gas in Uzbekistan by 38.3 percent in January-September 2015 compared to the same period in 2014, namely from $549 million to $759 million
LUKOIL increases gas investments in Uzbekistan

Tashkent, Uzbekistan, Dec.1

By Demir Azizov- Trend:

The Lukoil Russian oil company increased investments in exploration and production of gas in Uzbekistan by 38.3 percent in January-September 2015 compared to the same period in 2014, namely from $549 million to $759 million, said the company.

In the third quarter of 2015, investments of the Russian company in Uzbekistan amounted to $263 million against $248 million during the third quarter of 2014.

LUKOIL in Uzbekistan operates under a production sharing agreement for Kandym-Khauzak-Shady block, which provides natural gas production in the Bukhara-Khiva region in southwest Uzbekistan. In autumn 2007, production at the Hauzak site started.

In November 2014, the President of Uzbekistan approved the proposal of the National Holding Company (NHC) Uzbekneftegaz and LUKOIL National company (NC) on the conclusion of contract with the Lukoil Uzbekistan Operating Company for the supply of equipment, construction of a gas processing plant and arrangement of Kandym group of fields on a "turnkey", the total cost of which amounts to $2,662 billion. The first phase of Kandym gas processing plant will be commissioned before July 1, 2018.

In addition, LUKOIL Uzbekistan implements the Southwest Hissar project. Investments in the project will exceed $1.2 billion, the level of gas production - 4.2 billion cubic meters per year. In late 2011, Uzbekistan started gas production under the Hissar project.

LUKOIL Uzbekistan also participates in the project of development of the Aral field block.

Earlier it was reported that LUKOIL plans to produce in Uzbekistan at least 18 billion cubic meters of gas per year by 2016, and the company plans to increase production capacity to 17-18 billion cubic meters of gas annually by 2020.

To date, the total gas production of the company in Uzbekistan exceeded 20 billion cubic meters.

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