Uzbekistan, oil firms ink PSA for Aral Sea section

Uzbekistan, along with a consortium of state-owned Uzbekneftegaz, Lukoil Overseas, Petronas, China National Petroleum Corp., and Korea National Oil Co., have signed a production-sharing agreement for the Uzbek section of the Aral Sea.

Feb 2nd, 2007

Eric Watkins
Senior Correspondent

LOS ANGELES, Feb. 2 -- Uzbekistan, along with a consortium of state-owned Uzbekneftegaz, Lukoil Overseas, Petronas, China National Petroleum Corp., and Korea National Oil Co., have signed a production-sharing agreement for the Uzbek section of the Aral Sea.

In a statement Lukoil said a 35-year PSA for the project was signed in Tashkent on Aug. 30, 2006, and that all members of the consortium have equal shares in the project.

A tender was issued in January for a 2D seismic survey of Uzbekistan's section of the Aral Sea, which covers 2,300 linear km—50% onshore and 50% offshore, including the tidelands and waters as deep as 40 m.

In addition to the seismic survey, the PSA calls for the drilling of two exploration wells over a 3-year period at a cost of $100 million.

Contact Eric Watkins at hippalus@yahoo.com.

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