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NEWS

LUKOIL plans to increase gas production in Uzbekistan in 2012-2015

29 November 2012

http://www.menafn.com of 11/29/2012 - LUKOIL the Russian national company plans to increase gas production in Uzbekistan two-fold from 4.1 billion cubic meters in 2012 to 8.2 billion cubic meters by 2016, the company said today.

According to the company, gas production in Uzbekistan will hit 4.4 billion cubic meters in 2013 and in 2014, 5.2 billion cubic meters.

According to the report, the company increased gas production by 73 per cent in its projects in Uzbekistan during the third quarter of 2012.

According to the company, the expected growth in the EBITDA index as a result of increased extraction in Uzbek mining projects as of 2012 is planned to reach 800 million in 2013-2015.

According to the company's development programme till 2021, the main increase in natural gas production is expected to occur in Uzbekistan.

LUKOIL is currently working in the country to implement projects under the production sharing agreement (PSA) -- Kandym-Khauzak-Shady-Kungrad, to develop the fields of South-West Gissar and conducts exploration of the Uzbek part of the Aral Sea within the international consortium.

It was reported that the Kandym gas processing complex with a capacity of eight billion cubic meters a year will be built to process gas produced within the Kandym-Khauzak-Shady-Kungrad and Gissar projects.

The LUKOIL Uzbekistan Operating Company (subsidiary of LUKOIL Overseas Holding representing the interests of LUKOIL in the international oil and gas sphere) is the operator of the projects in Uzbekistan.

At present gas production in the country hit more than 15 billion cubic meters.

LUKOIL is one of the largest foreign investors in Uzbekistan. At present, the company's total investment volume to the economy has hit 2.5 billion since 2004, including over 120 million -- in exploration.

"Lukoil" plans to produce 18 billion cubic meters of gas by 2017 within the first two projects at PSA terms. The volume of investments is planned to be brought to 8 billion.