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NEWS

Lukoil Increases Kandym's Resource Base in Uzbekistan

29 February 2012

http://en.trend.az - Russia's Lukoil has increased the resource base of Kandym block in Uzbeistan, as a result of exploration work on the site, a company statement said on Wednesday.

According to Lukoil Overseas (Lukoil's operator of international upstream projects), the block's area covers1.142 million square kilometers, and the resource base during entry into the project is 255 million tons of equivalent fuel.

A 2D seismic survey of 1,300 running kilometers was carried out as part of the project; the geological structure of the block was clarified; the area of deposits under study was increased; and prospects of growth stocks - expected to exceed 60 million tons of fuel - were defined.

Atthe Kuvachi-Alat and Parsankul fields, where seismic survey and drilling of four exploration wells were conducted, the fields' project area was increased by one third and reserves of C1 were increased by 12 million tons of equivalent fuel. Exploration costs for 2011 amounted to $16 million.

In 2012, the company plans to complete the testing of three more wells in the Parsankul field, conduct a 2D seismic survey of 300 running kilometers, and perform a rapid conversion of reserves. Exploration costs in 2012 are expected to total $41 million.

Lukoil also plans to conduct a 3D seismic survey of 2,100 square kilometers and drill 10 exploratory wells before 2016.

Kandym group was developed under the PSA for the "Kandym-Khauzak-Shady-Kungrad" project, which was signed in June, 2004 for 35 years. The partners are "Lukoil" (operator with a 90 per cent stake) and the Uzbekneftegaz National Holding Company (10 percent stake). The volume of investments is estimated to exceed $4 billion.

The agreement facilitates the development of Khauzak, Shady and Kandym group fields. Lukoil plans to produce more than 12 billion cubic meters of gas and more than200,000 tons of liquid hydrocarbons per year.