Uzbekneftegaz and Chinese CNPC create joint venture for production of gas in Uzbekistan

Uzbekistan, Tashkent, Oct. 9 /Trend D.Azizov/

National Holding Company (NHC) Uzbekneftegaz and the China National Oil and Gas Exploration and Development Corporation (CNODC), a subsidiary of CNPC, have established a joint venture (JV) for further exploration and development of gas condensate fields in Uzbekistan, the holding company's press service told Trend.

According to press service representative, a package of articles of association on the creation of a JV on a parity bases for exploration and development of new hydrocarbon deposits has been signed.

The initial capacity of the joint venture may amount to 1.5 billion cubic meters of gas per year. A feasibility study of the project of development of new fields is planned to be prepared in the third quarter of 2014.

In June 2006, CNODC signed an agreement with the NHC Uzbekneftegaz to conduct geological explorations on five investment blocks within the Ustyurt, Bukhara-Khiva and Fergana oil and gas regions of Uzbekistan during five years and is worth $260.2 million.

As a result of geological explorations at the Karakul block, three fields namely Khojasayat, Khojadavlat and East Alat were discovered and two promising structures were prepared for drilling.

In early 2012, CNODC and NHC Uzbekneftegaz signed a supplementary agreement to extend the geological explorations for three years in line with which CNODC received an opportunity to extend the exploration within the contract area with a condition of returning 25 per cent of the contract area in future to the Uzbek side. Total investments will amount to $14.9 million.

NHC Uzbekneftegaz is the monopoly operator of the oil and gas industry of Uzbekistan. It was created in 1998 and brings together six joint stock companies.

Capacities of NHC Uzbekneftegaz, make it possible to provide natural gas production to the sum of 70 billion cubic meters and production of eight million tons liquid hydrocarbons per year.

In 2012, the production of the natural gas in Uzbekistan decreased by 0.2 per cent to 62.911 billion cubic meters and production of liquid hydrocarbons including oil, as well as gas condensate, decreased by 11.7 per cent to 3.165 billion tons.

Soldiers were unprepared for war with Azerbaijan - ex-secretary of Armenian Security Council
Soldiers were unprepared for war with Azerbaijan - ex-secretary of Armenian Security Council
Relatives of missing Armenian soldiers continue to hold building of MoD in blockade
Relatives of missing Armenian soldiers continue to hold building of MoD in blockade
Ex-president of Armenia Kocharian files lawsuit against Pashinyan
Ex-president of Armenia Kocharian files lawsuit against Pashinyan
Loading Bars
Latest
ADB focuses on renewable energy projects in Georgia
US eyes to continue negotiations on direct flights with Georgia
Bank of Georgia discusses revised outlook for country’s economic growth in 2021
Anabechdi company plans to produce textile in Georgia
Georgia to receive significant funds from IMF
Azerbaijan reveals 2M2021 data lending to energy, chemistry, natural resources sector
Georgian E-Space company looks to export its software
Death toll from coronavirus pandemic in Iran exceeds 65,000
Amount of Georgian bonds held by foreign investors up
JSC "Georgian Railway" reveals financial indicators for 2020
Uzbekistan, Russia discussing joint projects on aircraft construction
Iran's propane gas exports shrink
Armenia committed ecological terror during occupation of Azerbaijani lands - Ecology ministry
India, EU reiterate commitment to democracy, freedom and respect for human rights
Bangladesh: Multinational military exercise 'Shantir Ogroshena 2021' concludes
Turkey’s export of grains, legumes to Iran jumps
PM Modi to inaugurate virtual Raisina Dialogue, 50 countries to participate
US to support Georgian farmers, small business owners through agrotourism
External merchandise trade down in Georgia
New buildings of Turkmen Turkmenbasy, Senagat banks opened
Turkey's 1Q2021 export of chemical products sees increase
Iran's polyethylene exports rise
Georgia assists new ferroalloy enterprise in Terjola through "Produce in Georgia" program
Azerbaijan issues data on compulsory non-life insurance for Feb.2021
Foreign currency demand of Azerbaijani banks rebounds
Azerbaijan's revenues from customs duties increase
Azerbaijan's Feb.2021 lending to agriculture grows
Azerbaijani Customs Committee increases transfers to state budget for March 2021
Air France-KLM prices capital hike at 4.84 euros per share
Value of Uzbekistan's 1Q2021 import of Turkish ready-made clothes up
Volume of loaded, unloaded cargo in Iran’s Amirabad port decreases
Iran boosts pistachio exports
Azerbaijan to restore hydrological observation network in liberated Karabakh
Iran declares data on methanol exports
Iran ta launch several water and electricity facilities
Azerbaijan sees decrease in prices for gold, silver
Azerbaijan's Digital Trade Hub working on advancing business opportunities
Azerbaijani oil prices increase
Azerbaijan shares footage from Zangilan's Sarygyshlagh village (VIDEO)
Iranian currency rates for April 13
We cannot establish this interaction unilaterally – President Aliyev
We count on using Italian experience in developing agriculture on liberated territories – President Aliyev
From very first days of reconstruction, we invited Italian companies – President Aliyev
Baku Higher Oil School hosts opening ceremony of 2nd International Student Research and Science Conferences (PHOTO)
Italy is our very close friend and partner – President Aliyev
Conflict is resolved, and we need to look into future – President Aliyev
New Ambassador of Ukraine appointed in Turkmenistan
Georgia sees significant increase in COVID-19 cases
We need to concentrate on some elements, which can lead to future reconciliation - President Aliyev
Azerbaijan was conducting not just war of 21st century, but also war of new morality – President Aliyev
Azerbaijan was always interested in finding soonest solution to conflict – President Aliyev
Destructions on territories that we liberated are beyond our worst expectations – President Ilham Aliyev
We will never forget Khojaly genocide – President Aliyev
BlackRock in talks on Shikun & Binui investment
A lot of questions about post-conflict development remain - Azerbaijani president
Azerbaijani currency rates for Apr.13
Azerbaijani President Ilham Aliyev addresses conference at ADA University (PHOTO/VIDEO)
Turkey reveals 2M2021 data on ships received at Istanbul port
Transit of goods through Iran declines
China's 1Q2021 import of Turkish electrical goods up in value
Italian senator talks Azerbaijan's role in ensuring energy security of Europe
China's March trade surplus with United States at $21.37 billion
Oil prices climb on robust China data, Mideast tension
Outflow of job seekers from Turkey to Georgia surges
Iran says fuel trading at its energy exchange going smoothly
Japan's Osaka to report over 1,000 new coronavirus cases on Tuesday
Azerbaijani parliament speaker, Italian official discuss development of co-op
Soldiers were unprepared for war with Azerbaijan - ex-secretary of Armenian Security Council
China exports rise at robust pace in March, imports growth highest in four years
UN chief calls for 6 measures to finance recovery from COVID-19
Tehran to resume flights to London next month - Official
Slovak businessmen investing in infrastructure projects in Georgia's Tbilisi, Bakuriani
2,016 COVID-19 cases reported in Kazakhstan in past 24 hrs
Georgia to receive $111 million from IMF
Turkey’s current account gap widens to $2.6 billion in February
Credit Suisse cuts bonuses following Archegos loss
China extends crackdown on Jack Ma's empire with enforced revamp of Ant Group
Azerbaijani population’s demand for "Anti-Coronavirus" insurance product growing - Ateshgah Hayat
India approves Russia's Sputnik V COVID-19 vaccine
Turkey registers more than 54 560 new coronavirus cases
Yuri Gagarin image lights up Dubai’s Burj Khalifa
Korean battery makers rally after battery dispute settlement
Inventory of basic goods in Iran's ports increase
Eni Turkmenistan Ltd opens tender for provision of directional drilling services
Azerbaijan's Nakhchivan records industrial production value growth in 1Q2021
Azerbaijan's housing agency talks further plans on building residential complexes
Georgia not to cut economic growth forecast - Minister of Economy
Russia restricts air service with Turkey from April 15 to June 1
Iran, Afghanistan discuss bilateral ties, latest developments
Georgia faces third coronavirus wave - NCDC
Turkey welcomes Ramadan with tight measures against COVID-19
Operator of Kazakh Kashagan to hold open round-table on Marine Access Channels Project
Nvidia to directly challenge Intel with Arm-based 'Grace' server chip
New oil drilling platform activated in Turkmen sector of Caspian Sea
War Trophy Park to open for visitors in Azerbaijan’s Baku soon
Azerbaijani, Maldives FMs hold exchange views issues mutual interest
Uzbekistan discloses progress on construction of new plant of Navoiazot company
Azerbaijani FM receives delegation of Italian Senate (PHOTO)
Azerbaijan’s Baku Metro introduces solution for automatic supply of voltage to trains (PHOTO)
Several audit companies in Azerbaijan included in network of int’l organizations
All news