National holding company Uzbekneftegas will create a joint venture to conduct geological exploration and develop gas fields in Ustyurt region on the northwest of Uzbekistan, reported press office of the holding.
The holding has “been preparing the investment project “Geological exploration works on the investment blocs Sechankul, Akjar and Chimbay and development of Urga, Akchakaksoy and Chandur group fields.” Press office reported that the project will be implemented by creation of a joint venture with the foreign companies on a parity basis.
According to the investment program of the holding, the project envisages building of capacities to extract 1.5 bcm. of natural gas and 76,000 tons of gas condensate within next 10 years. The volume of investments could reach $700 million, reported RIA Novosti.
