New Silk Road Oil & Gas Company launches gas production project in Bukhara region
01/06/2017 12:01
New Silk Road Oil & Gas Company launches gas production project in Bukhara region
01/06/2017 12:01
Tashkent, Uzbekistan (UzDaily.com) -- On 31 May, New Silk Road Oil & Gas Company, an Uzbek-Chinese joint venture, started a project on development of Khojasayat gas condensate field in Bukhara region of Uzbekistan.
In accordance with the feasibility study of the project, it is planned to drill 16 production wells on the licensed area.
Once the project reaches its designed capacity, the venture will produce 1 billion cubic meters of natural gas and 6,500 tonnes of gas condensate a year.
New Silk Road Oil & Gas Company is a joint venture of Uzbekneftegaz of Uzbekistan and CNODC of China.
In September 2013, Uzbekneftegaz and CNODC established the company on a parity basis for additional exploration and development of the Karakul investment block.
The raw material base of the JV will be fields discovered during geological exploration, carried out by the CNODC in the oil and gas areas of Uzbekistan.
The production of gas at the Karakul investment block in Bukhara region is scheduled to begin in the second half of 2017.
The cost of the project is US$377.5 million. The project will be financed due to resources of the joint venture funds, as well as Chinese loans under the guarantee of CNPC.
China’s China Petroleum Engineering & Construction Corporation (CPECC), XIBU Drilling Engineering Company Ltd and China National Logging Corporation are determined as the contractors of the project in the result of organized tenders.
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