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

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.

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