Uzbekneftegas will no longer develop fields with reserves difficult to extract
Baku, Azerbaijan, July 15
By Nargiz Sadikhova - Trend:
Over 50 oil brownfields with decreasing volume of oil extraction of Uzbekistan will be transferred to foreign companies as risk service contracts, Trend reports with reference to Uzbek media.
“These are mainly small fields or fields with reserves difficult to extract, where Uzbekneftegas can no longer work or sees no prospects on allocating investments. They are to be offered to foreign investors if they are ready to attract new technology and are sure that they will be able to increase oil extraction from the fields,” the report said.
“Signing such a contract means that the foreign company will invest entirely at their own risk. In turn, concluding such contracts for Uzbekneftegas is a way to attract investments without risk. Furthermore, the foreign investors will receive good profit if they has necessary technology,” the statement said.
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