NEWS AND EVENTS
May 31, 2012
Uzbekneftegaz to invest US$50m to heavy oil exploration in 2012-2020
Uzbekneftegaz national holding company will invest about US$50 million to exploration of heavy oil in east and south of Uzbekistan in 2012-2020, Energonews reported.
Uzbekneftegaz representative said that this year the company started to exploration works at heavy oil and bitumen field in Korsagly-Dasmanagin zones in Surkhandarya region.
Source said that it is planned to complete exploration programme of heavy oil at Besharcha field in Surkhandarya region in south of Uzbekistan and programme within Ferghana region in east of Uzbekistan.
Uzbekneftegaz hopes to mine additional 300,000 tonnes of oil annually due to implementation of geologic exploration programmes.
The Uzbek company is planning to attract foreign companies to these projects, including CNPC of China, KNOC of South Korea, Delta Oil Company of Saudi Arabia, Eriell Corporation of the Czech Republic, Tethys Petroleum Ltd.
According to Uzbekneftegaz, Uzbekistan has oil reserves for 21 years and oil condensate reserves for 25 years. At the same time, 60% of reserves are easy for mining. Other resources require additional drilling.
Capacities of Uzbekneftegaz can allow to produce 70 billion cubic meters of gas a year and 8 million tones of liquid hydrocarbons a year. (Source: UzDaily.com)