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NEWS

Uzbekistan to develop gas condensate fields early in 2013

30 October 2012

http://easttime.info of 10/30/2012 - Uzbekneftegaz will start developing gas condensate fields on the border with Turkmenistan in the first quarter of 2013, a source in the government circles told Trend on Tuesday.

According to the source, the feasibility study of a project with an estimated cost of $320 million has been completed.

The project provides for the accelerated development of the 7 fields, including the largest Samantepa, Girsan and Taylyak, which have been discovered in the early 90's, but have not yet been developed.

The field's reserves are not disclosed.

Drilling of wells using new technologies, as well as construction of the associated infrastructure are planned within the project. The field development will allow production of up to 3.5 billion cubic meters of gas per year by 2017.

The project is financed through Uzbekneftegaz's own funds.

It is expected that by late 2012, the feasibility study of the project will be reviewed and approved by the government, and tenders for the purchase of necessary materials and equipment will be announced early in 2013.

Uzbekneftegaz, which provides over 90 percent of the hydrocarbon production in the country, is the monopolistic operator of the oil and gas sector in Uzbekistan. Uzbekneftegaz was established in 1998 and brings together six joint stock companies.

The holding can provide natural gas production in the volume of 70 billion cubic meters and liquid hydrocarbons in the amount of 9 million tons a year.