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Uzbekneftegaz, national holding company of Uzbekistan’s, completed a $334-million project for development of five gas and condensate fields, Trend reports.

The project provided for the development of the Samantepa, Girsan Chulkuvar, Kumli and Taylyak fields located along the border with Turkmenistan.

The reserves of the deposits discovered in the 90s, haven’t been disclosed.

The source said that in 2015, the production volume at the new fields is planned to reach 3.8 billion cubic meters of gas and 68,000 metric tons of condensate, and by 2020, the production volume is planned to be brought to 6.8 billion cubic meters of gas and 160,000 metric tons of gas condensate annually.

The project was financed with Uzbekneftegaz’s own funds worth $212.7 million, a $75.5 million loan from the Fund for Reconstruction and Development of Uzbekistan, and the Uzbek banks’ loans in the national currency equal to $46.2 million.

Uzbekneftegaz completed the project worth of $310 million for further development of two gas condensate fields - Samantepe and South Urtabulak - in the Kashkadarya province (south of Uzbekistan) in 2013.

Currently, the holding is implementing a project worth of $914.2 million for the integrated development of the gas fields in Gazlinsk region - Kulbeshkak, Hodzhikazgan, Dayahatyn, Syuzma, Kumli, Chegarakum.

Over 60 percent of Uzbek territory is considered to be promising for hydrocarbon production.

Uzbekistan will allocate $3.028 billion for the development of the oil and gas sector in 2015 in accordance with the investment program approved by the government.

The capacity of Uzbekneftegaz national holding company, the national operator for production and processing of hydrocarbons in Uzbekistan, allows to produce around 70 billion cubic meters of natural gas and 8 million metric tons of liquid hydrocarbons per year.