Azernews.Az

By Trend:

The joint venture Natural Gas-Stream, established by Uzbekneftegaz and the Gas Project Development Central Asia (a subsidiary of Gazprom International), is implementing an investment project in north-west of Uzbekistan, a representative of the Ministry of Energy of Uzbekistan told Trend in an interview.

The project envisages exploration work on the investment blocks Sechankul, Akjar and Chimbay, alongside development of the Urga field and the fields of Akchalak and Chandyr groups.

The official said that the implementation of the Investment project will allow to maintain the level of production at the depleted Urga field, bring into development the fields of Chandyr and Akchalak groups, which have been in conservation for a long time, and increase hydrocarbon reserves through exploration.

"The investment project provides raising loans from foreign banks by joint venture under the guarantee of a joint venture and a foreign investor," the representative said.

The production of hydrocarbons in the Urga field began in July 2017, in the Chandyr group of fields in November 2017 and in the Akchalak group of fields in September 2018.

Earlier, Trend reported that Natural Gas-Stream JV invests over $700 million in gas production in north-west Uzbekistan.