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Lukoil ups investment in Uzbekistan

18 June 2015

Russian Lukoil Company increased investment in exploration and production of gas in Uzbekistan by 20 percent in the first quarter of 2015.

The company said the volume of capital expenditures increased to $160 million in January-March 2015 against $133 million in the same period last year.

"The volume of gas production abroad increased by 10.2 percent compared to the first quarter of 2014 mainly due to increase of production in Uzbekistan and Azerbaijan," Lukoil said.

However, the company didn't reveal the volume of gas production in Uzbekistan in the first quarter of 2015.

Lukoil is carrying out production in Uzbekistan at two contract areas – at the Hauzak-Shady field in Bukhara region and at the Hissar group of fields in Kashkadarya region.

The ‘Kandym early gas’ project envisaging the development of Kuvachi-Alat and North Shady fields is being actively implemented.

Lukoil plans to put into operation the major facilities in 2017. The designed gas production level is 4.8 billion cubic meters per year. Aside from these projects, Lukoil also participates in the project for development of the Aral block in Uzbekistan.

The total cumulative volume of investments made by Lukoil in Uzbekistan exceeded $3.5 billion. The company plans to invest in the projects a total of over $8 billion and increase the annual gas production volume to 18 billion cubic meters by 2016.