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Chinese Company Invests Extra $15 Million in Uzbekistan’s Field Exploration |
4 April 2012The China National Oil and Gas Exploration and Development Corporation (CNODC) which includes the China National Petroleum Corporation (CNPC), is additionally investing $14.9 million in the exploration of the investment blocks of Uzbekistan in 2012-2014.
These investments are part of an additional agreement signed between CNODC and the National Holding Company Uzbekneftegaz, ensuring the extension of exploration operations for three years until 2015.
The additional agreement has been approved by the Uzbek President's special decree last week. According to the document, CNODC got the opportunity to extend the exploration within the Contract Area on condition that it returns 25 per cent of the contract area to the Uzbek side in the future.
The agreement between the China National Corporation for exploration and development of oil and gas and the National Holding Company (NHC) Uzbekneftegaz for the geological exploration in the five investment blocks within the Ustyurt, Bukhara-Khiva and Fergana oil and gas, was signed in June 2006.
CNPC Silk Road Group was created for these aims. The company gave guarantees to Uzbekistan on implementation of CNODC's obligations within this project.
Last year, the Chinese company fully fulfilled the exploration programme including 8894 line kilometres of 2D seismic and 1009 kilometres of 3D seismic with drilling of 13 exploratory wells. Total investments amounted to $260.2 million. As a result, three fields - Khojasan, Khojadavlat and East Alat were revealed at the Karakul block. Two promising structures have been prepared for the drilling operations.
Mingbulakneft was established in June 2008 on a parity basis between CNPC and Andizhanneft OJSC (part of Uzneftegazdobycha - a subsidiary of Uzbekneftegaz) for the exploration of the Mingbulak oil field in the Namangan region.
CNPC will invest $211.7 in the geological exploration and development and experimental,industrial production of hydrocarbons in 2012-1015.
In April 2008, Uzbekneftegaz and CNPC created the Asia Trans Gas JV for the design, construction and operation of the Uzbek section of gas pipeline Turkmenistan-China with 30 billion cubic meters and a length of 530 km. The first stage of the pipeline was commissioned in 2009 and the second in 2010.
CNPC started the construction of the third Uzbek section of gas pipeline at a length of 529 km and with a capacity of 25 billion cubic meters in December, 2011. |
4 April 2012
Trend AZ
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