NEWS AND EVENTS
December 30, 2014
CNPC to mine up to 1bn cubic meters of gas in Uzbekistan
China National Petroleum Corp. (CNPC) can mine up to 1 billion cubic meters of gas in Uzbekistan by the end of 2019, the source close to the project told RIA Novosti.
In next five years, the company can mine up to 1 billion cubic meters of gas. The company started construction of raw base.
The project on exploration, mining and transportation of gas with participation of the CNPC was included to the state investment programme for 2015. The company will invest US$277.3 million in 2014-2019. The early gas can be received from discovered wells in 2016.
China National Oil & Gas Exploration & Development Corp. (CNODC) and Uzbekneftegaz created a joint venture New Silk Road Oil And Gas Company Ltd in September 2013. The venture will explore and develop gas condensate fields in Uzbekistan.
The raw base of the venture will be fields, which were discovered in the result of exploration works, conducted by CNODC in Uzbekistan.
In June 2006, CNODC and Uzbekneftegaz signed an agreement on exploration of five investment blocks in Ustyurt, Bukhara-Khiva and Ferghana oil and gas regions for five years. CNPC Silk Road Group llc was founded to project implementation. The cost of the five year agreement is US$260.2 million.
In the result of the exploration at Karakul block, three fields – Hodjasayat, Hodjadavlat and Vostochniy Alat were revealed. In 2012, CNODC and Uzbekneftegaz signed additional agreement on exploration for three years. The investments will make up US$14.9 million.