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NEWS

Uzbekneftegaz plans to start development of shale oil field in 2013

1 October 2012

http://uzdaily.com of 10/1/2012 - Uzbekneftegaz national holding company plans to start to develop shale oil field "Sangrantau" in Navoi region of Uzbekistan by the end of 2013.

Prime agency reported quoting source in the Government of Uzbekistan that preliminary feasibility study passed expertise. In the beginning of 2013, it is planned to protect the project at the government. The agency reported that the project financing will kick off in the second half of 2013.

In line with the preliminary parameters, the processing plant will produce 1 million tonnes of oil products a year. The project will be implemented within three years.

The project with the cost of US$600 million will be financed due to own resources of Uzbekneftegaz, loan of the Fund for Reconstruction and Development of Uzbekistan, as well as foreign loans.

The source said that the project is developed with Japan Oil, Gas & Metals National Corp (JOGMEC), Russia's Atomenergoproject Institue and several Korean companies.

The perspective reserves of oil shales in Uzbekistan have been estimated at the volume of 47 billion tonnes.