Lukoil invests over $300 mln in Uzbekistan's hydrocarbon exploration
By Aynur Jafarova
Russia's Lukoil Company invested $301 million in hydrocarbon exploration and production in Uzbekistan in January-June 2014.
This figure is 16.2 percent more compared to the same period of 2013, Lukoil said.
The projects in Uzbekistan are operated by the Lukoil Uzbekistan Operating Company - a subsidiary of Lukoil Overseas Holding Ltd., which represents Lukoil's interests in the international oil and gas production.
Lukoil is one of the largest foreign investors in Uzbekistan. Since 2004, the company has invested over $3 billion in the Uzbek economy.
Currently, Lukoil works in Uzbekistan on the implementation of the three projects - Kandym-Hauzak-Shady-Kungrad, the mining of the Southwestern Hissar, and the conduction of exploration of the Uzbek part of the Aral Sea in the international consortium.
Lukoil plans to produce 18 billion cubic meters of gas annually by 2017 and to increase the amount of investments up to $5 billion within the frameworks of the first two projects.
Lukoil plans to produce in Uzbekistan at least 18 billion cubic meters of gas annually by 2020. The company's cumulative gas production in the country currently exceeds 22 billion cubic meters.