Uzbekneftegaz to put $360 mln into building up Yuzhny Kemachi field before 2017
TASHKENT. Sept 16 (Interfax) - Uzbek oil and gas monopoly Uzbekneftegaz will be investing $359.3 million in the first phase of the further development of the Yuzhny Kemachi oil and gas condensate field in the period until 2017, a company source told Interfax.
This month, the Uzbek government adopted a resolution concerning measures for the realization of the investment project 'further developing the deposit Yuzhny Kemachi,' which confirms a feasibility study for the first phase and the means by which it is to be financed.
During this phase, there will be built facilities for production, transportation, and pumping gas back into strata. It will be financed with $326.307 million in Uzbekneftegaz money and $33.015 million from a credit from the Uzbek Reconstruction and Development Fund.
The $579.2 million Yuzhny Kemachi redevelopment project is being carried out with the aim of expanding production with maximum recovery of liquid hydrocarbons.
In the second phase, slated to run until 2021, the plan is to build thirty-seven production wells and a booster compressor station. As a result, production at the deposit should reach 3.29 billion cubic meters of gas, 243,830 tonnes of oil, and 77,080 tonnes of condensate per year.
Uzbekneftegaz is busily implementing a program aimed at increasing hydrocarbon production at a number of deposits. Before the end of 2020, the plan is to carry out the further development of oil and gas condensate deposits to the tune of $2.35 billion.