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LUKOIL plans to produce 14 billion cubic meters of gas in Uzbekistan

Oil&Gas Materials 28 November 2019 14:57 (UTC +04:00)
LUKOIL plans to produce 14 billion cubic meters of gas in Uzbekistan

BAKU, Azerbaijan, Nov. 28

By Fakhri Vakilov-Trend:

Russian LUKOIL oil and gas company expects production of more than 14 billion cubic meters of gas in its share in Uzbekistan over 2019, stated the company's Vice President for Corporate Development and Investor Relations Pavel Zhdanov, Trend reports citing Russian media.

"In the third quarter, there were still restrictions on the reception of gas from the Gissar project from the Shurtan gas processing plant, which belongs to Uzbekneftegaz and prepares gas for marketable conditions. Repair work was carried out at the plant, which allowed to return gas production on Gissar to the design level in October," he said during a conference call with investors.

According to the results of the third quarter 2019, the average daily gas production at the site increased by 7 percent compared to the previous quarter. It was also possible to return to the design level and production at the Kandym-Khauzak-Shady project, which decreased for some period due to repair work.

"In general, over the year, we expect production of more than 14 billion cubic meters of gas in our share in Uzbekistan," said the vice president of LUKOIL.

A decrease in gas production at selected existing Russian projects in Uzbekistan was reported back in the summer. In the second quarter, there was a decrease in production, as well as a restriction in gas intake at Gissar in connection with planned repairs at the Kandym and Shurtan plants.

Furthermore, gas production under LUKOIL's projects in Uzbekistan is expected to exceed 16 billion cubic meters per year in the future.

LUKOIL is investing $2 billion in existing projects in Uzbekistan, and the company intends to conduct exploration on new blocks. In Uzbekistan, Russian energy giantconducts business under production sharing agreements concluded regarding the Kandym-Khauzak-Shady and Gissar projects. The strategic partner of the company in these projects is Uzbekistan’s Uzbekneftegaz JSC oil and gas company.

The design level of gas production at the Gissar group of fields is 5 billion cubic meters per year.

Cumulative natural gas production from projects managed by LUKOIL in Uzbekistan has reached 60 billion cubic meters.

LUKOIL is one of the largest public vertically integrated oil and gas companies in the world, which accounts for more than 2 percent of the world oil production and about 1 percent of proven hydrocarbon reserves.

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