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Economy
16/10/2007
CNPC’s Uzbekistan subsidiary to perform 2,500 km of 2D work in 2007
CNPC Silk Road, a wholly owned subsidiary of China National Oil & Gas Exploration & Development Corp. (CNODC), a member of the CNPC group, plans to perform 2D seismic work at five investment blocks in Uzbekistan in 2007.
The seismic surveying plan, which was begun in mid-2007 and is proceeding on schedule, will cover 2,500 running kilometers, a source at national oil and gas holding Uzbekneftegaz told Interfax.
The Chinese company plans to invest US$26 million in seismic work in Uzbekistan this year, according to the republic’s investment program. It was earlier reported that CNODC signed an agreement with Uzbekneftegaz in June 2006 to carry out geological exploration work at five investment blocks at the Ustyurt, Bukharo-Khiva and Fergana oil and gas districts.
The cost of the first stage is estimated at US$88.3 million and total investment in geological exploration over five years will amount to US$208.5 million.
In the first stage the company plans to carry out 2D seismic work on 7,000 running kilometers and 3D work on 1,320 square kilometers. In total the company plans to drill 15 exploration and 12 assessment wells. If new oil fields are discovered at the investment blocks, CNODC and Uzbekneftegaz will set up equal joint ventures to develop them. The Chinese side will provide guarantees to raise financing to develop new oil and gas fields.
CNODC set up CNPC Silk Road in December 2006 to conduct exploration work in Uzbekistan.
Uzbekneftegaz is the monopoly operator of Uzbekistan’s oil and gas sector. The company was formed in 1998 and includes six stock companies. Uzbekistan is the second largest gas producer in the CIS and one of the ten largest worldwide. A total of 202 hydrocarbon fields have been discovered in Uzbekistan, 35% of which are prepared for development, with exploration work continuing at the rest.
The seismic surveying plan, which was begun in mid-2007 and is proceeding on schedule, will cover 2,500 running kilometers, a source at national oil and gas holding Uzbekneftegaz told Interfax.
The Chinese company plans to invest US$26 million in seismic work in Uzbekistan this year, according to the republic’s investment program. It was earlier reported that CNODC signed an agreement with Uzbekneftegaz in June 2006 to carry out geological exploration work at five investment blocks at the Ustyurt, Bukharo-Khiva and Fergana oil and gas districts.
The cost of the first stage is estimated at US$88.3 million and total investment in geological exploration over five years will amount to US$208.5 million.
In the first stage the company plans to carry out 2D seismic work on 7,000 running kilometers and 3D work on 1,320 square kilometers. In total the company plans to drill 15 exploration and 12 assessment wells. If new oil fields are discovered at the investment blocks, CNODC and Uzbekneftegaz will set up equal joint ventures to develop them. The Chinese side will provide guarantees to raise financing to develop new oil and gas fields.
CNODC set up CNPC Silk Road in December 2006 to conduct exploration work in Uzbekistan.
Uzbekneftegaz is the monopoly operator of Uzbekistan’s oil and gas sector. The company was formed in 1998 and includes six stock companies. Uzbekistan is the second largest gas producer in the CIS and one of the ten largest worldwide. A total of 202 hydrocarbon fields have been discovered in Uzbekistan, 35% of which are prepared for development, with exploration work continuing at the rest.
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