LUKOIL invests US$301m into Uzbekistan

According to the Russian company, the volume of capital expenses for exploration and mining in Uzbekistan rose from US$259 million in January-June 2013 to US$301 million in the same period of 2014. The growth rate made up 16.21%.

In the second quarter of 2014, the Russian company invested US$168 million against US$163 million in the same period of 2013.

LUKOIL said that it cut gas mining in Uzbekistan. The volume of gas mining abroad decreased by 12.3% year-on-year in the first half of 2014, the Russian company said. The company did not disclose the volume of mined gas in Uzbekistan.

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.