Uzbeck projects help raise LUKOIL’s gas growth

Oil&Gas Materials 28 October 2011 14:02 (UTC +04:00)

Uzbekistan, Tashkent, Oct. 28 / Trend, D. Azizov /

The Russian oil company LUKOIL expects the greatest growth to date in its Uzbekistan gas production, the company reported following its meeting.

The OAO LUKOIL board of directors held a meeting in Moscow today to discuss various gas production projects and the company's policy to increasing shareholder value.

The draft 2012-2021 Development Programme for the Exploration & Production Business Segment provides for an increased share of gas production in the total volume of hydrocarbon production from 20 per cent this year to more than 35 per cent in 2021.

Under the draft Development Programme for the Exploration & Production Business Segment of LUKOIL, the key natural gas production increment is expected in Uzbekistan, where LUKOIL is the operator carrying out the PSA projects of Khauzak-Shady-Kandym-Kungrad and also Gissar. Gas extracted as a result of these projects will be processed at the Kandym gas processing complex, yet to be commissioned, with a capacity of eight billion cubic meters per annum.

LUKOIL Board of Directors agreed that higher mid-term shareholder value should be ensured through implementation of highly efficient projects in Uzbekistan, Iraq, at the Caspian Sea shelf and also through other highly efficient projects under the 2012-2021 Strategic Development Program.

As previously reported, Lukoil Overseas plans to launch the first Kandym gas processing plant in the Bukhara region of Uzbekistan (GPP) in August 2016.

At present, Lukoil Overseas is present in Kazakhstan in seven mining projects: Tengiz, Karachaganak, Kumkol, Alibekmola-Kozhasai, North Buzachi,. Karakuduk and Arman, with three exploration projects at Atash, Zhambai and Zaburuniye and one infrastructure project (CPC) in the territory of Kazakhstan.