BAKU, Azerbaijan, Feb. 24
By Ilkin Seyfaddini – Trend:
Canadian company Condor Petroleum Inc. is in talks with Uzbek Ministry of Energy over investments of more than $1.2 billion in the exploration of new gas fields, Trend reports via Uzbek media.
In addition, the company is discussing with the Uzbek Ministry of Energy the start of operation on five existing natural gas fields in the Gazli district. Condor Petroleum Inc has completed a detailed feasibility study on these fields with a view of production growth of over 50 percent.
The company has been operating for over 25 years in Central Asia, North and South America, Indonesia, Libya, Angola, Turkey where the company has discovered the largest gas field in Turkey's history.
Condor Petroleum Inc. has the largest and most technically advanced 3D seismic data collection and processing program in the Central Asia region. Its application has enabled the identification of 79 promising oil production sites with a combined resource of over 1.5 billion barrels.
The company has already signed a memorandum of understanding with the University of World Economy and Diplomacy (UWED) and committed to deduct one percent of the company's net profit from projects in Uzbekistan to support scholarships for students, to attract professors and scientists from leading educational and scientific institutions and corporations in Canada, the United States and Europe to work in Uzbekistan.
In addition, Condor Petroleum Inc. is willing to invest $22 million in professional education of specialists in these industries.
Company has strong relations with the European Bank for Reconstruction and Development (EBRD), which has confirmed its readiness to cooperate with the Company in the gas production project in Uzbekistan.
Condor Petroleum Inc. and its related group of companies Osisko Gold Royalties, Osisko Mining and Osisko Metals are also ready to consider investing up to $2 billion in the mining industry of Uzbekistan on the same terms.