Lukoil investment in Uzbekistan tops $3 bln in 2004-2014
MOSCOW. Dec 9 (Interfax) - Russian oil major Lukoil invested more than $3 billion in Uzbekistan in 2004-2014, presidential aide Yury Ushakov told journalists ahead of President Vladimir Putin's visit to Tashkent.
Lukoil is participating in the project to develop the Kandym-Khauzak-Shady and Kungrad gas condensate fields in southwestern Uzbekistan. Lukoil signed the production-sharing agreement (PSA) to the Kandym-Khauzak-Shady block in 2004. Production began at Khauzak in the fall of 2007.
Lukoil is also developing the South-West Gissar project in central Uzbekistan. The PSA for that project was signed in January 2007. Investment will top $1.2 billion. The project is slated to produce 4.2 billion cubic meters (bcm) of gas a year. Production commenced at the end of 2011.
In addition, Lukoil is participating in the Aral block project.
Lukoil plans to produce 18 bcm a year in Uzbekistan by 2016.
Russian gas giant Gazprom also has operations in Uzbekistan. It boosted production 5% in 2013 to over 315 million cubic meters.
A total of $390 million has been invested in geological exploration of the Ustyurt region over five years.
Gazprom continues developing the Shakhpaty gas field. Cumulative production since August 2004 now exceeds 2.5 bcm. The feasibility study for the Jel field discovered in 2009 with reserves estimated at 6.4 bcm is currently being prepared.
Ushakov said cumulative Russian investment in Uzbekistan now tops $6 billion.
