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Lukoil sees its Uzbek gas production at 80 mil boe/year from 2018

27 January 2012

http://www.platts.com  of 1/24/2012 - Russia's Lukoil expects combined gas production from its Uzbek projects Gissar and Kandym-Khauzak-Shady to reach around 80 million barrels of oil equivalent/year starting from 2018, vice-president Leonid Fedun said late Monday in a conference call.

Of the total volume, Kandym-Khauzak-Shady is to account for around 47 million boe in 2018, demonstrating a peak production level, he said.

The total projected production figure is based on the current reserve estimations, Fedun said, adding it may increase further after additional exploration at the fields.

Proven reserves at Gissar stand at 260 million boe, which represents 30% of Lukoil's total proven reserves, Fedun said.

The company's share of proven reserves at Kandym-Khauzak-Shady is around 570 million boe, a spokesman for Lukoil Overseas, the foreign arm of Lukoil, said.

In 2012-21, Lukoil plans a capex of $800 million for Gissar, Fedun said, providing no data for Kandym-Khauzak-Shady.

The company plans to reveal details of its development strategy until 2021 in mid-March, after the presidential elections, when the political situation in Russia becomes clearer, he said.

Lukoil holds 100% of the Gissar project and a 90% stake in Khauzak-Shady-Kandym, with the remaining 10% controlled by the state-owned Uzbekneftegaz.

Lukoil said previously it expects the share of gas output in the company's total hydrocarbon production figure to grow from 20% in 2011 to over 35% in 2021, mainly due to higher gas production at Khauzak-Shady-Kandym, Gissar and Kungrad, an Uzbek block currently at the exploration stage.