TASHKENT (TCA) — Uzbekistan’s state oil and gas company Uzbekneftegaz will set up a joint venture on a parity basis with a foreign investor for geological exploration of investment blocks Sechankul, Akdjar, and Chimbai, as well as for development of Urga, Akchalak, and Chandyr deposits, the company’s press service said.
A foreign investor for establishing the joint venture will be selected on a competitive basis.
Uzbekneftegaz has invited oil and gas companies interested in the project to take part in the contest for participation in this investment project.
Uzbekneftegaz earlier said that Uzbekistan plans to increase its hydrocarbon production by almost 2 percent in the next five years.
“Annual hydrocarbons production will increase by 1.9 percent in 2019 compared to 2014, including natural gas production growth of 2 percent,” Uzbekneftegaz announced at the opening of an annual international energy exhibition, Oil & Gas Uzbekistan-2015, in Tashkent last May.
Uzbekneftegaz prepared a state program for the development of Uzbekistan’s oil and gas sector for 2015-2019, which would allow the country to raise its fuel reserves by 468.7 million tons of conventional fuel, including 365 billion cubic meters of natural gas and 31.7 million tons of liquid hydrocarbons.
Uzbekneftegaz now has a capacity to produce around 70 billion cubic meters of natural gas and 8 million tons of liquid hydrocarbons per year.
According to Uzbekneftegaz, as of 1 January 2015, Uzbekistan’s recoverable hydrocarbon reserves amounted to more than 2.5 billion tons of conventional fuel, including around 65 percent of natural gas.
