Uzbekistan, South Korea sign E&D agreement

March 31, 2006
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.

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 [email protected].