Uzbekistan plans to draw $1.9 billion of foreign investments in 2010-2015

Uzbekistan, Tashkent, May 12 / Trend D. Azizov /

Uzbekistan plans to draw $1.9 billion of foreign investments in the exploration of oil and gas in 2010-2015, geology and exploration of oil and gas fields institute director Gaybulla Abdullayev said at an international exhibition OilGazUzbekistan - 2010, held in Tashkent these days.

Abdullayev said that the share of industrial growth of hydrocarbon reserves at the expense of exploration by foreign investors in 2016 can increase to 50 percent compared to 39 percent in 2009.

About 47 investment blocks have been allocated by Uzbekneftegaz in the country. About 26 blocks have been already transferred to foreign investors. The joint study is carried out at the two blocks. Negotiations on six blocks are being held with potential partners.

The total area of potential sites allocated to foreign companies, hits about 64 percent of the total area with expected hydrocarbon resources to the amount of 4.06 billion tons of fuel, or 52.5 percent of the total expected resources. About 15 promising fields were discovered in the country with the participation of foreign companies.

According to the institute, the amount of attracted foreign investments to the exploration of oil and gas in the republic amounted to about $1,2 billion in 2006-2009.

A program to ensure the growth of the reserves of raw materials ranging from 75 to 112 million tons of fuel annually owing to further increase in the deep exploratory and parametric drilling has been developed in Uzbekistan for 2004-2020.

In particular, natural gas reserves of industrial categories will increase from 60 to 85 billion cubic meters annually.

Uzbekistan opened 228 hydrocarbon fields as of early 2010. About 179 deposits are deposits of free gas, 112 - oil, 142 - gas condensate.

According to Uzbekneftegaz, nearly 25 percent of the total hydrocarbon resources, including the Bukhara-Khiva region - 75 percent, South-West Hissar - 35 percent, Surkhandarya - 12 percent , Fergana - 22 percent, Ustyurt - 15 percent have been mastered in Uzbekistan now.

Uzbekneftegaz is the exclusive operator of oil and gas sector of Uzbekistan. It was created in 1998. The company includes six joint stock companies.

Uzbekneftegaz's power can provide natural gas production in the region worth 70 billion cubic meters and liquid hydrocarbons to the amount of eight million tons annually.

According to official statistics, Uzbekneftegaz reduced the volume of oil and gas condensate by 7,4 percent in 2009 compared to the same period in 2008 - up to 4.455 million tons. Gas condensate decreased by 5.4 percent - up to 2.124 million tons, oil - by nine percent - up to 2.331 million tons.

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