Uzbekneftegaz national holding company said that President of Uzbekistan Islam Karimov signed a resolution “On measures on implementation of the agreement on holding geological exploration at Kassor investment block”.

The resolution was adopted to improve efficiency of geological exploration due to use of modern methods, technologies and equipment, ensure growth of the volumes of explored hydrocarbons reserves in Uzbekistan with attracting foreign investments.

In February 2010, Petrovietnam and Uzbekneftegaz signed an agreement on main principles of geological expoloration at Kassor investment block within five years.

The resolution approved the volume of geological explorations at Kassor investment block with total area of 5,500 square km, including 2D-seismic works with total volume of 1,200 km within 18 months.

Uzbekneftegaz said that it is planned to found Kossor Operating Company, which will be operator of the project.

As earlier reported, Petrovietnam planned to invest US$30 million to exploration of oil and gas within the project.

Under the contract, Petrovietnam would drill three wells for exploration over the next five years in the Kossor block covering 5,500 square kilometers.

In August 2008, Petrovietnam and Uzbekneftegaz signed an agreement on cooperation in oil and gas sector in three directions – geological exploration, study oil-and-gas content at new territories and exchange of specialists.

Uzbekneftegaz and Petrovietnam signed a memorandum on carrying out exploration works at Bukhara-Khiva region of Uzbekistan on 5 April 2010.