Russia”s natural gas monopoly Gazprom has completed the first stage of geological prospecting operations in the Ustyurt region of Uzbekistan, investments in this project have amounted to US$215 million.
Within the framework of the first stage in 2007-2008 the seismic exploration at three investment blocks was conducted, the volume of prospecting drilling reached 32,900 meters with drilling 12 wells at six investment blocks, 14 gas exploration targets have been found 10 of which have been prepared for drilling, reported Uzreport.
Uzbekneftegaz said Gazprom will return licenses on three investment blocks in Ustyurt region in connection with the end of planned exploration works.
A programme has been worked out jointly with Gazprom for the intensification of geological prospecting operations in the Ustyurt region up to 2012, in particular, “on the most promising investment blocks – Agyin, Aktumsuk, Nasambek and Shakhpakhty fields.”
In January 2006, Uzbekneftegaz and Gazprom signed an agreement on the main principles of geological exploration of deposits of seven investment blocks of the Ustyurt region with the total area of 38.1 thousand square kilometres with the natural gas reserves amounting to about 1 trillion cubic metres.
The agreement envisaged Gazprom”s investments before the end of 2011 in the volume of US$400 million, as well as the Russian company”s priority right to develop the found promising fields on the production sharing agreement (PSA) terms.
For the implementation of the project Gazprom established the Ustyurt-Zarubezhneftegaz operator that is registered as a legal entity of Uzbekistan.
