Uzbekistan, South Korea sign E&D agreement

Eric Watkins
Senior Correspondent

LOS ANGELES, Mar. 31 -- On a state visit to Uzbekistan, South Korean President Roh Moo-hyun signed an agreement with Uzbek President Islam Karimov allowing for joint exploration and development of oil and gas fields in the central Asian country.

Under a memorandum of understanding signed among South Korea's National Oil Corp. (KNOC), Korea Gas Corp. (Kogas), and Uzbekisan's state-run Uzbeknefgaz, the South Korean firms have the exclusive right to explore and develop two oil fields and two gas fields.

KNOC will carry out preliminary exploration for 6 months in Chust-Pap and Namangen-Terachi in the eastern part of the country together with Uzbeknefgaz, while Kogas will cooperate in developing Surgil and Uzunkui gas fields.

Contact Eric Watkins at hippalus@yahoo.com.

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