Uzbekneftegaz and LUKOIL signed a new Memorandum of Understanding in Tashkent. The intention of cooperation in the field of joint exploration and production OF oil and gas in Uzbekistan is secured by the signatures of the Chairman of the Board of Uzbekneftegaz M. Abdullaev and the Director General of LUKOIL Uzbekistan Operating Company S. Gurzhiy (on behalf of LUKOIL).
The memorandum provides for the setting up of a joint venture for geological exploration and commercial production. The JV will conduct a study of geological and geophysical data in order to assess the prospects of oil and gas potential of new investment blocks.
The cooperation between Uzbekneftegaz and LUKOIL began 15 years ago by signing production sharing agreements (PSA) for the fields in the Kashkadarya and Bukhara provinces, the development of which required significant financial investments. Today, LUKOIL has already invested US$ 8 billion in the PSA implementation, becoming the largest foreign investor in Uzbekistan.
It should be noted that Uzbekistan is one of the key regions of LUKOIL's business. LUKOIL Uzbekistan Operating Company LLC is the operator of the Company's projects in Uzbekistan. LUKOIL has to date produced 82.5 BCM of gas in Uzbekistan.
LUKOIL also collaborates with Uzbekneftegaz JSC on the training of qualified personnel. Over 100 specialists of the Uzbekistan oil and gas industry completed internships at the enterprises of the LUKOIL Group in Russia.