Lukoil directs US$496m into exploration and mining in Uzbekistan

According to the Russian company, the volume capital expenses for exploration and mining in Uzbekistan grew from US$301 million in January-June 2014 to US$496 million in the first half of 2015. The growth rate made up 64.79%.

In the second quarter of 2015, the investments of the Russian company into Uzbekistan made up US$336 million against US$168 million in the same period of 2014.

According to Lukoil, the company increase gas extraction in Uzbekistan by 24.8% year-on-year in the first half of 2015 – to 78,400 barrels of oil equivalent a day.

Currently, LUKOIL implement three product-sharing agreements in Uzbekistan – Kandym-Khauzak-Shady-Kungrad, Southern-Western Gissar and exploration of the Uzbek part of Aral. So far, LUKOIL produced over 20 billion cubic meters of gas in Uzbekistan.

The company will produce about 17-18 billion cubic meters of gas a year in Uzbekistan by 2020.