Tashkent, Uzbekistan (UzDaily.com) -- Ambassador of Uzbekistan to Canada with his residence in Washington Javlon Vakhabov held online negotiations with the director and chairman of the Council of the Canadian oil and gas company "Condor Petroleum Inc." Dennis Balderston and the president of the company Don Streum, Dunyo news agency reported.

The purpose of the negotiations is to attract foreign investors to promising projects to expand geological exploration and increase natural gas production in Uzbekistan.

The ambassador presented the essence and content of the reforms being carried out in our country aimed at creating an attractive investment climate and a prosperous business environment. In Uzbekistan, at the initiative of President Shavkat Mirziyoyev, a large-scale reform is being carried out, the purpose of which is to modernize and restore power supply and gas supply systems, build new generation facilities and power lines, develop renewable energy sources, and attract foreign investment through public-private partnerships.

Dennis Balderston noted that the potential of Uzbekistan in the oil and gas sector is very high, there are great opportunities to increase natural gas production. He stated that his company plans to discuss opportunities for investment cooperation in this area. According to him, now is the right time for Condor Petroleum to invest in increasing gas production, gas reserves and contribute to the professional development of Uzbekistan's labor force, while actively supporting the surrounding communities.

Dennis Balderston said that Condor Petroleum is ready to invest over US$1 billion in the economy of Uzbekistan through its own capital investments and expenses for production operations, as well as introduce modern equipment and technologies in this industry. In addition, the company intends to create Canadian vocational schools in Uzbekistan in various specialties to train local personnel, as well as invest in social projects.

President Don Streum noted that Condor Petroleum is ready to exploit at least five existing gas fields. According to him, the company has already studied these five production fields in the city of Gazli, Bukhara region. The project implementation period is 2021-2024. Don Streum emphasized that 100% funding of the project by the Canadian side allows the government of Uzbekistan to direct its capital to other important initiatives.

Streum emphasized that the company will significantly increase the production and reserves of natural gas in Uzbekistan through the use of innovative solutions and modern Western technologies.

In terms of expected results, Condor Petroleum executives said that more than doubling gas recovery from existing fields will reduce capital and operating costs as well as dependence on diesel fuel by replacing it with liquefied natural gas for power generation, vehicle operation and heavy equipment. ...

In general, according to the Embassy, the Canadian side is interested in developing cooperation with Uzbekistan to expand geological exploration, increase natural gas production and is ready to take an active part in the implementation of promising investment projects in the republic.