Uzbekneftegaz to Invest $200mn in Heavy Oil Exploration by 2021

The national holding company Uzbekneftegaz will invest some $200mn in geological prospecting to find heavy oil in the south and east of Uzbekistan. Uzbekneftegaz has already started to look for heavy oil and bitumen in the Korsagly-Dasmamagin area and the Besharcha block in the Surkhandarya district as well as in the Fergana area in the east of the country.
 
Uzbekneftegaz believes that it will be possible to produce at least 100,000 tons of oil per annum in those areas additionally after the works completion.
 
The Uzbek company will seek technologies for the project from the Chinese CNPC, the Czech ERIELL Corporation and Tethys Petroleum Ltd, which is registered in Guernsey.
 
Uzbekistan’s prospective oil reserves are estimated at 820mn tons and of condensate at 360mn tons.
 
Copyright: Oil and Gas Information Agency, 2013.