Uzbekistan’s president transfers part of oil, gas company functions to State Geology Committee
BAKU, Azerbaijan, Nov. 19
By Fakhri Vakilov-Trend:
Uzbekistan’s President Shavkat Mirziyoyev signed a decree on measures to improve the system of organizing and conducting exploration at oil and gas fields, Trend reports citing Uzbekistan’s legal information portal “Norma”.
According to the document, two functions of Uzbekistan’s Uzbekneftegaz JSC oil and gas company are transferred to the State Committee for Geology and Mineral Resources.
The first is the conduct of research, regional geological survey, geophysical and drilling operations with the identification and preparation of oil and gas prospective structures for the discovery of new hydrocarbon deposits.
The State Committee for Geology and Mineral Resources also has been transferred the function of organizing work for the advanced development and reproduction of hydrocarbon reserves of the republic, increasing the efficiency and effectiveness of exploration work aimed at ensuring the discovery of new hydrocarbon deposits.
Until the end of 2019, Uzbekneftegaz JSC should provide the State Geology Committee with information on existing projects for research and geophysical work, as well as all available stock and other materials for all promising areas, investment blocks and hydrocarbon deposits.
Starting in 2020, annual state programs for the development and reproduction of the mineral resource base for oil and gas are to be developed and approved by the State Committee for Geology in coordination with the Ministry of Energy, the Ministry of Economy and Industry and the Ministry of Finance.
In addition, a decision was made to transfer the share of Uzbekneftegaz JSC and Uzburneftegaz JSC drilling company to the authorized capital of Uzbekgeophysics JSC and Institute of Geology and Exploration of Oil and Gas Fields.
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