Uzbekistan, Tashkent, June 21 / Trend D.Azizov /
Russia's LUKOIL seeks to bring the annual gas production from the Khauzak-Shady field to 4 billion cubic meters of gas starting from 2012, the company reported.
LUKOIL Overseas produced 10 billion cubic meters of natural gas in Uzbekistan.
Development of Khauzak-Shady is a part of Kandym-Khauzak-Shady-Kungrad project which is being implemented by LUKOIL together with the National Holding Company Uzbekneftegaz under the PSA which was signed in June 2004 for 35 years and took effect in November 2004. Three years after commercial production of gas began on the field and in another year Khauzak-Shady reached the design production rate of 3 billion cubic meters per year.
The company also continued active exploration activities, including acquisition of 3D seismic covering 500 square kilometers and drilling of two exploration wells which resulted in the increase of C1 and C2 category reserves by more than 21 billion cubic meters of gas.
Resource base increase allowed adoption of a new field development plan in December 2010 which provides for the growth of the annual production of Khauzak-Shady field to 4 billion cubic meters of gas starting from 2012, the company's report reads.
Earlier, LUKOIL announced intend to attract $500 million from an international consortium to finance the development of the Khauzak-Shaproject in Uzbekistan.
The lenders consortium is expected to include international financial organizations, the Asian Development Bank (ADB), the Islamic Development Bank (IDB) and commercial bank, including: BNP Paribas (Suisse) SA, Korea Development Bank, Crédit Agricole CIB and UniCredit Group
The implementation of the transaction depends on Uzbekistan's approval. It is expected that financing will be closed in the third quarter of 2011.
LUKOIL is working in Uzbekistan to implement three projects Kandym-Khauzak-Shady-Kungrad, Southwestern Hissar, as well as the Uzbek part of the Aral Sea as part of an international consortium.