Lukoil said that the contract area includes eight fields, which contain C1 category gas reserves of 100 billion cubic meters according to the estimates by the State Committee for Reserves of the Republic of Uzbekistan.
The planned production is about three billion cubic meters of gas per annum. This level is expected to be attained in four years. Gas is to be exported via Russian energy giant Gazprom’s trunk pipelines.
The production sharing agreement (PSA), to which SoyuzNefteGaz Vostok is a signatory, was signed for a 36-year period. The work in the contract area is being carried out by CIS Guissar as operator, which is also a part of the assets acquired by Lukoil Overseas. The investments required for project implementation amount to approximately $700 million.
Vagit Alekperov, president of Lukoil, said: The Republic of Uzbekistan is a priority region in our international operations. Business expansion in Uzbekistan fully agrees with the long-term strategic goals of the company.
