Malaysian Petronas to allocate $50mln to Uzbekistan

Uzbekistan, Tashkent, Aug. 4 / Trend, D.Azizov /

"Petronas Carigali Overseas Sdn.Bhd." Company will allocate $ 50 million under the production sharing agreement (PSA) on the fields of Urga, Kuanysh and Akchalak group of the Ustyurt region, a source in Uzbekneftegaz said.

The source noted that within implementation of the PSA it's envisaged a phased compensation of Uzbekistan's costs in the amount of this sum towards these fields in the Ustyurt region.

The compensation paid by Petronas, will be equally divided between National Holding Company Uzbekneftegaz and the public budget. Part of funds for NHC, will be paid in foreign currency and used for further development of oil and gas industry by agreement with the Ministry of Economy and Ministry of Finance of Uzbekistan.
In May, 2008 the government of Uzbekistan and Petronas had signed a PSA to develop gas-condensate deposits of "Urga", "Kuanysh" and Akchala group, located at the Ustyurt Plato. The PSA is estimated at 550 mln USD and became effective starting from October, 2009.

As per the terms of the PSA, signed for a period of 15 years, both parties will receive 50% of the output at the initial stage. It is expected that under the project annual natural gas production will be equal to 700 mln cubic meters.

Malaysian company transferred the rights and duties under this agreement to a subsidiary specialized company "Petronas Carigali (Urga) Ltd".

Earlier it was reported that, currently gas inflow at a rate of about 30,000 cubic meters was received on the "Urga" field, while start of gas production is expected on the "Kuanysh" and "Akchalak group soon.

Malaysian Petronas actively operates in oil and gas sector of Uzbekistan.

The Government of Uzbekistan and Petronas Carigali Overseas (Malyasia) signed a product-sharing agreement in relation to Baisun investment block in Surkhandarya region in June of 2010.

The product-sharing agreement was signed for 35 years. The volume of gas production within the agreement will make up 2.2 billion cubic meters, while the project cost is US$660 million.

Malaysian companies invested about US$80 million to exploration programme in Baisun investment block in three years (2006-2008). Petronas has already concluded 2D and 3D field seismic surveys, and testing and analysis at the Gadjak Field amounting to $80 million. Subsequently, the Uzbek State Reserves Commission at the State Geology and Mineral Resources Committee approved the amount of the field's industrial reserves.

In November, 2008 NHC "Uzbekneftegaz" and Petronas had also signed a protocol to start exploration works at Surkhan investment block. The agreement stipulates for exploration works during 5 years and investments of no less than 20 mln dollars.

In addition, Petronas has a 20% stake in an international consortium, also including NHC "Uzbekneftegaz", Lukoil Overseas (Russia), KNOC (South Korea) and CNPC (China). In 2006, the consortium has singed a PSA agreement with the government of Uzbekistan to develop Uzbek part of Aral Sea during 35 years. As per the terms of the agreement, each consortium member will receive 10% of the output, the government of Uzbekistan - 50%.

Uzbekneftegaz, Malaysia's company Petroliam Nasional Bhd (Petronas) and South Africa's Sasol Ltd signed a memorandum on establishment of the joint venture (JV) UZBEKISTAN GTL to realize the project on production and sale of synthetic liquid fuels in Uzbekistan in November 2009.

In accordance with the project's feasibility study, plant to produce synthetic liquid fuels (gas-to-liquid technology, GTL) will process 3.5 billion cubic meters of gas and produce 672,000 tons of diesel oil, 278,000 tons of jet fuel, 361,000 tons of naphtha and 63,000 tons of liquefied natural gas. The plant is planned to be launched in 2014. The plant's feasibility study is expected to be approved by late June 1, 2010.

Uzbekneftegaz established in 1998 is a monopoly operator of oil and gas industry of Uzbekistan and comprises six joint stock companies.

Uzbekistan ranks second among CIS countries and among the ten largest gas-producing countries for natural gas.

The country produces more than 60 billion cubic meters of natural gas, part of which is exported

Georgia reveals rating of its largest wine and spirits companies
Georgia reveals rating of its largest wine and spirits companies
Georgian Geofresh company eyes Europe, Dubai to expand exports
Georgian Geofresh company eyes Europe, Dubai to expand exports
Georgian Adjara creating new platform for tourism development
Georgian Adjara creating new platform for tourism development
Loading Bars
Latest
Russian IrAero to launch flights to Azerbaijan soon
Zulfiya Khanbabayeva to be the next narrator of Nar's ‘Reading hour’ project (PHOTO)
Apple supplier Foxconn reports Q1 profit T$28.2 bln, beats estimates
Kazakh gas supply company opens tender for pipeline maintenance
Georgia reveals rating of its largest wine and spirits companies
Georgian Geofresh company eyes Europe, Dubai to expand exports
Georgian Adjara creating new platform for tourism development
Turkey discloses number of ships received by Tuzla port
Turkish ministry discloses volume of cargo handled through Bartin port
Sweden, WB supporting Georgia by addressing wastewater treatment challenges
IMF underlines successfully completed four-year extended program in Georgia
Georgia considers opening of land borders
UN Secretary General calls for immediate cessation of hostilities in Gaza Strip and Israel
Kazakhstan requires sustainable management practices for natural resources - UNIDO
Iran’s FM meets with Spanish counterpart
Kazakhstan reports 2,549 more COVID-19 cases, total at 353,140
Turkey reports 11,534 new COVID-19 cases, 5,083,996 in total
6.0-magnitude quake strikes off Japan's Fukushima Prefecture, no tsunami warning issued
Colonial Pipeline restarts entire pipeline system - company statement
Hamas launches 100 more missiles in direction of Ashkelon
More than 745,000 COVID-19 infections detected worldwide over past 24 hours - WHO
UN Security Council to hold open session on Israel and Gaza Strip on May 16
Oil prices drop as U.S. pipeline resumes operations
Latvia eases entry rules for vaccinated travelers
Three rockets launched toward Israel from Lebanon, no damage -Israeli military
Africa's COVID-19 cases surpass 4.66 mln
Over 500 residential buildings razed by Israeli airstrikes in Gaza Strip
Azerbaijani Foreign Ministry issues statement on tension on Armenian-Azerbaijani border
China's Qinghai donates anti-pandemic supplies to Kyrgyzstan
Azerbaijani FM talks tension on Azerbaijani-Armenian border with OSCE Chairman-in-Office
Georgian's commercial banks see increase in number of total loans
Azerbaijani, Russian FMs exchange views on tensions on Azerbaijani-Armenian border
Overseas election headquarters established at Iran’s foreign ministry
Sputnik V approved for use in Republic of Maldives
Azerbaijan shares data on number of vaccinated citizens for May 13
Azerbaijan confirms 509 more COVID-19 cases, 1,427 recoveries
COVID-19 cases decrease in 80 Turkish provinces in a week
Tajikistan delegation to visit Uzbekistan on May 14
Gaza death toll jumps to 84 as Israeli air raids intensify
Musk decries bitcoin's 'insane' energy use after Tesla payment U-turn
Azerbaijani president got touched by National leader Heydar Aliyev's words about Shusha (VIDEO)
Azerbaijani president once again says at Jidir Plain in Shusha - Karabakh is Azerbaijan! (VIDEO)
EU countries urged to halt non-essential travel from India
U.S. weekly jobless claims fall
Gaza flare-up further weakens shekel
Georgia increases aviation fuel imports
Iran ready to have closer ties with Saudi Arabia, FM says
Azerbaijan’s import of goods from Italy down
Iran talks insurance data in its mining sector
Turkish ministry discloses volume of cargo handled through Mersin port
Georgia adopts new rule on forest use
Kazakh Senate adopts document on economic relations with Kyrgyzstan, within EAEU
Volume of chemical products exported by Turkey to Azerbaijan disclosed
KazTransOil completes connecting newly constructed sections to Uzen-Atyrau-Samara pipeline
Trade ministry discloses volume of cereals imported by Kazakhstan from Turkey
Russian Bright Way Group to set up pharmaceutical plant in North Kazakhstan
Georgia sees decrease in amount of local small companies
Turkmenistan's Turkmennebit opens tender to purchase of chemical products
Kazakhstan's exports to Latvia decrease
Kazakhstan boosts agriculture goods output
A year ago, different music was played in Shusha, other actions were taking place here - President Aliyev
President Ilham Aliyev meets with journalists in Shusha
Georgia establishes its first avocado farm
Tender for park construction opens in Turkmenistan's Dashoguz region
Trade ministry discloses volume of cereals imported by Georgia from Turkey
Turkey’s export of steel to US soars
UNIDO talks current global projects in Kazakhstan
First VP Mehriban Aliyeva shares footage from gala concert of “Kharibulbul” music festival on her Instagram page (VIDEO)
Power transmission line of Turkmenistan's Mary State Power Plant ready for commissioning
Кazakh Electricity Grid Operating Company opens tender to buy construction materials
Turkmenistan intends to increase pace of oil production
SOCAR to operate exports of Rosneft’s oil products to Ukraine - sources
Trade ministry discloses volume of electrical goods exported by Turkey to Germany
Volume of electrical goods exported by Turkey to Russia disclosed
India Fastest In World To Administer 17 Crore Vaccine Doses In 114 Days: Centre
Azerbaijan’s import of goods from Germany down
Forex reserves surge by $32.29 bn in six months: RBI
How IAF, Navy have pressed transport planes, ships to bring Covid relief to India
India received $83 billion in remittances in 2020: World Bank report
American India Foundation raises $25 million for Covid-19 assistance to India
Vietnam Buddhist Sangha presents medical equipment to India
Lemonade tanks as Texas freeze hits Q1 results
Russia reports over 8,300 COVID-19 cases in the past day
Kazakh, Azerbaijani presidents hold phone talks
AZAL to Trial IATA Travel Pass in Azerbaijan
Azerbaijani president, first lady watch performance of Kharibulbul festival participants (PHOTO/VIDEO)
Georgia sees decrease in revenues from foreign tourism
Azerbaijani president visits Yukhari Govharagha mosque in Shusha (PHOTO)
External merchandise trade of Georgia up
UNIDO, Gov't of Uzbekistan consulting to explore potential project ideas
Italy fines Google $123 mln for abuse of dominant position
Georgia reports 776 new cases of coronavirus for May 13
Armenians destroyed many mosques during occupation of Azerbaijani lands
Turkey’s export of steel to Uzbekistan up
Georgia takes steps to increase availability of agricultural land for farmers
Turkey’s export of ready-made clothes to Iran up
Iran ready to return to its JCPOA obligations, MFA official hints
Azerbaijani ferry delivers modern equipment to Turkmenistan
Turkey’s export of cement to Kazakhstan up
Azerbaijan discloses composition of national gymnastics team for competitions in Bulgaria
All news