Uzbekistan, Tashkent, April 3 / Trend D.Azizov /
Malaysian Petroliam Nasional Bhd (Petronas) has announced its withdrawal from a project to conduct exploration work at the Surkhan investment block in Uzbekistan.
A report published in the local media talks about the launch of the voluntary liquidation of the project operator, Petronas Carigali (Surkhanski) Operating Company Ltd. (a wholly-owned subsidiary of Petronas).
To date, neither the National Holding Company (NHC) Uzbekneftegaz, nor the Petronas office have commented on the cause of the Malaysian company's withdrawal from the project.
Petronas and Uzbekneftegaz signed a protocol to start exploration work at the Surkhan investment block in the Surkhandarya region in November 2008. The agreement stipulated exploration work for five years with a minimum investment of $29.3 million. Petronas Carigali (Surkhanski) Operating Company Ltd was established as the project operator.
In 2009-2010, Petronas signed two PSAs with Uzbekistan on the development of gas condensate fields in the Ustyurt plateau (north-west) and the development of oil and gas fields at the Baisun investment block in the south. Data on the start of production of hydrocarbons at the Ustyurt and Baysun blocks was not made public.
In the past two years, Petronas has substantially reduced its participation in the oil and gas projects in Uzbekistan.
In May 2011, the company withdrew from the international consortium for the exploration and development of the Uzbek part of the Aral Sea under a PSA. In June of that year, it reduced its stake from 33.3 per cent to 11 per cent in the construction of a plant for the production of synthetic fuel (GTL process) in southern Uzbekistan.