Oil sustains its rally after…
Exxon has turned into a…
Malaysia’s KNM Group BHD and Russia’s Lukoil Uzbekistan Operating Company have signed $71.63 million contracts with the Uzbek government for equipment supply.
The majority of Uzbekistan’s prospected oil fields are operated by state-owned oil and gas group Uzbekneftegaz, which is seeking to form joint venture partnerships with international companies to boost its out from its current level of roughly 105,000 barrels per day.
Oil consumption between 2010 and 2019 is set to increase by 55.1 percent, with growth averaging an assumed 5.0 percent per annum towards the end of the period
In May KNM Group BHD won a tender to supply equipment for the country’s Qandim-Hauzak-Shodi project, while in 2007 began natural gas production in Uzbekistan as part of the Qandim-Hauzak-Shodi-Qugirot production sharing agreement, which was signed in 2004 for a period of 35 years, Tashkent UzDaily.uz website reported.
Lukoil already has a presence in Uzbekistan –last month Russian Lukoil president Vagit Alekperov said that his company intends to develop alternative energy projects in Uzbekistan, commenting that Lukoil in partnership with the government of Uzbekistan and the Asian Development Bank was planning to construct Uzbekistan’s largest solar energy plant, which will have an initial capacity of 100 megawatts, to be expanded eventually to 1,000 megawatts.
By. Joao Peixe, Deputy Editor OilPrice.com
Joao is a writer for Oilprice.com