News
A field with reserves of 100 million tons of oil and 35 billion cubic meters of gas may be opened in Ustyurt.
Uzbekistan and the State Oil Company of the Azerbaijan Republic (SOCAR) have signed a production sharing agreement (PSA) for the Ustyurt Plateau, with an estimated project value of nearly USD 2 billion. According to O’zbekiston 24 TV channel, the document provides for large-scale seismic surveys, geological exploration works, and subsequent hydrocarbon production.
Experts forecast that in six investment blocks of the Ustyurt oil and gas region, a “giant-sized” field could be discovered with reserves of up to 100 million tons of oil and about 35 billion cubic meters of natural gas.
Once the project reaches full capacity, annual oil production could reach 5 million tons, which is two and a half times higher than the current import volumes. Thus, this megaproject implemented jointly with SOCAR is expected to fully meet the country’s oil demand for the next 25 years.
Adkhamjon Ubaydullaev, Head of the Main Department of the Ministry of Energy of the Republic of Uzbekistan:
«Around USD 2 billion will be invested in the implementation of the three-stage program. Special expectations are associated with ensuring the domestic market with gas and affordable, high-quality petroleum products for industrial needs.»
It should be recalled that last week the President instructed to increase oil and natural gas production at existing fields.
