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According to the press service of Lukoil-Uzbekistan, the company-operator of Russian Lukoil used the funds to finance seismic surveys in three oil fields in the territory of Gissar (Kashkadarya region) and the exploration of gas fields in the Ustyurt region.
3-D seismic operations were carried out in Southern Kyzylbayrak and Adamtash fields in the South-West Gissar, across an area of 194 sq. km. with the Iranian OEOC acting as the contractor. The results of seismic interpretation allowed for the continuation of the construction of operational wells.
During the oil boring in the Southern Kyzylbayrak and Koshkuduk, the number of bore holes doubled from three to six, while the annual production rate grew three fold from 22 to 65 tons of oil a day. The contract work is carried out by the Chinese Tuha and Czech Eriell. In March, 2008 Lukoil Overseas, which is a subsidiary production unit of Lukoil, has completed a transaction to acquire SNG Holdings Ltd, including the Soyuzneftegaz East Limited, which is a part of South-Western Gissar and Ustyurt region. The transaction amounted to about $580 million dollars. The Uzbekneftegaz state-owned oil company has acted as the second authorized body.
A Production Sharing Agreement was signed on January 23, 2007 for a period of 36 years and entered into force on April 23, 2007. Gissar Operating legal entity of Uzbekistan implements the operating company and became a part of the acquired assets. The estimated investments for the project stand at around 700 million dollars. At this point, about $130 million dollars have been invested in the project. Lukoil plans to invest $116 million dollars in accordance with the Public Investment Program of Uzbekistan.
Raw materials from the South-West Gissar are planned to be processed in Shurtan chemical complex and later be sent for export in the main networks of Gazprom, Central Asia- Center pipelines, and Bukhara-Ural. Lukoil also works on the Kandym-Hauzak-Shady project, in accordance with an agreement which was signed in 2004 for a term of 35 years. Participants are Lukoil-90 per cent and Uzbekneftegaz-10 per cent Lukoil plans to produce 15 billion cubic meters of gas in 2012-2013 and invest $5.5 billion dollars. The total amount of accumulated gas production will reach approximately 320 billion cubic meters.
(TCA)
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