Scandoil.com

Lukoil acquires new hydrocarbon assets in Uzbekistan


Published Feb 11, 2008
[an error occurred while processing this directive]

Edit page New page Hide edit links

Lukoil completes engineering design of environmental facility in Uzbekistan-Spotlight

LUKOIL Overseas (OAO LUKOIL’s 100% owned subsidiary) has reached agreement with ZAO MGNK SoyuzNefteGaz to aquire a controlling interest in a group of companies, one of which is SoyuzNefteGaz Vostok Limited, a signatory to the Production Sharing Agreement (PSA) on the South-Western Guissar and Ustyurtsk Region fields in the Republic of Uzbekistan.

The contract area includes 8 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 3 billion cubic meters of gas per annum. This level is expected to be attained in 4 years. Gas is to be exported via OAO Gazprom trunk pipelines.

The PSA, to which SoyuzNefteGaz Vostok Limited is a signatory, was signed on January 23, 2007 for a 36-year period with effective date April 23, 2007. The work in the contract area is being carried out by CIS Guissar Limited as operator, which is also a part of the assets acquired. The investments required for project implementation amount to approximately USD 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. We are satisfied with the fact that the leadership of Uzbekistan gave a positive assessment of our activities in the Republic and approved our participation in the Guissar project".

"Our investment in the project has already exceeded USD 70 million. A major Russian oil and gas company with an extensive international experience involved in the project will ensure its successful implementation," Yury Shafranik, Chairman of the Board of ZAO MGNK SoyuzNefteGaz, said.

Tags: Lukoil




   

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us

 

sitemap xml


 

Home