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PetroVietnam launches geological exploration program in Uzbekistan

15 January 2014

Vietnamese PetroVietnam Exploration Production Corporation (PVEP) has started the implementation of a geological exploration work program at the Molabaur investment block in the Ustyurt region of Uzbekistan.

Representative of Kossor Operating Company LLC, which is the operator of PVEP projects in the country, told Trend Agency on January 14 that a tender was announced for 2D seismic data processing.

The tender results will be announced in March, and the entire volume of seismic work will be held by late 2014.

The company representative didn't specify the volume of seismic exploration work planned to be carried out at Molabaur investment block.

In June 2012, PVEP and Uzbekneftegaz signed an agreement of geological exploration on the Molabaur investment block with a total area of 3,600 kilometers for five years. The investments of the Vietnamese company will amount to $61.6 million.

Uzbekistan is rich in hydrocarbon resources. About 60 percent of the Uzbek territory possesses potential oil and gas reserves. Uzbekistan is ranked third among the countries of the Commonwealth of Independent States and fifteenth in the world in terms of annual natural gas production.

The projected reserves of hydrocarbons are about 10 billion tons of standard fuel, while prospective ones amount to about 2 billion tons.

Currently, there are five oil and gas regions in Uzbekistan - Ustyurt, Bukhara-Khiva, Surkhandarya, Hissar and Fergana - and three promising ones (Khorezm, Middle Syr Darya and Zarafshan).