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NEWS

Uzbekistan, Russia to sign PSA on developing Jel field

en.trend.az
27 November 2014

Uzbekistan and Russian Gazprom company will sign a production sharing agreement (PSA) before March 1, 2015 on the development of Jel gas and condensate field in Uzbekistan, according to the protocol signed after the meeting of Uzbek-Russian intergovernmental commission on economic cooperation held in Tashkent on Nov.26.

Under the protocol, the intergovernmental commission instructed the Uzbekneftegaz National Holding Company and Gazprom to hold negotiations before Dec.10 on preparations for signing the agreement on the basic principles of developing the Jel field in accordance with the PSA terms.

The intergovernmental commission also instructed to prepare and conduct interstate procedures and sign a PSA on the Jel field.

Jel field is located near the Shakhpakhty block which is being operated by Gazprom and is linked to the main gas pipelines. Therefore, the development of the Jel field is cost-effective.

Gazprom started the production of natural gas at Shakhpakhty field (Ustyurt, Karakalpakstan, north-east of Uzbekistan) in accordance with PSA terms in August 2004.

Russian company made $25 million worth of investment in this project. The total volume of gas production currently exceeds 2 billion cubic meters of gas.

A five-year program on geological exploration work in Uzbekistan's Ustyurt region was adopted in 2006. The total cost of these operations stood at $400 million.

Geological and geophysical researches were conducted and prospecting and exploration wells were drilled in 2006-2008.

Jel gas and condensate field was discovered at Shakhpakhty investment block in 2009-2011.

The field's gas reserve can near 10 billion cubic meters, according to the preliminary estimates.

Russian Gazprom announced the completion of geological exploration work in the Ustyurt region in February 2012 and expressed intention to expand the resource base of its projects in Uzbekistan.