Uzbekneftegaz invests US$334m to gas mining in new fields

Tashkent, Uzbekistan (UzDaily.com) -- National holding company Uzbekneftegaz carried out a project for US$334 million to develop gas condensate fields, located near border with Turkmenistan, RIA Novosti reported quoting source in the Uzbek company. The project envisaged development of five fields, including Samatepe, Girsan and Taylyak. The main part of gas, mined at the fields, will be exported. In 2015, the volume of mined gas at new fields will reached up to 3.8 billion cubic meters of gas and 68,000 tonnes of condensate.

The project was financed due to own resources of Uzbekneftegaz for US$212.7 million, loan of the Fund for Reconstruction and Development of Uzbekistan – US$75.5 million and loans of Uzbek banks – US$46.2 million.

Overall programme on development of these fields will allow to produce up to 6.8 billion cubic meters of gas and 160,000 tonnes of gas condensate a year by 2020. The group of the fields was opened in 1990s and was not used. The reserves of the fields were not disclosed.

Uzbekneftegaz, national operator on mining and processing hydrocarbons in Uzbekistan, can produce up to 70 billion cubic meters of natural gas and 8 million tonnes of liquid hydrocarbons a year.