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Uzbekistan’s oil and gas company Uzbekneftegaz and Russia’s LUKOIL will cooperate in the field of geological exploration in Uzbekistan, a Russian company said.

According to the information, during the Russian-Uzbek negotiations in Tashkent with the participation of Russian President Vladimir Putin and President of Uzbekistan Shavkat Mirziyoyev, head of LUKOIL Vagit Alekperov and Acting Chairman of the Board of Uzbekneftegaz Bakhrom Ashrafkhanov signed a memorandum of understanding.

The parties intend to develop cooperation and exchange experience in the field of geological exploration in the territory of Uzbekistan.

Uzbekistan is one of the key regions of LUKOIL operations. The company operates on the territory of the republic on the basis of production-sharing agreements for the Kandym-Khauzak-Shady and Gissar projects.

The cumulative natural gas production at projects managed by LUKOIL in Uzbekistan reached 60 billion cubic meters. Most of this volume was produced from the Khauzak-Shady and Kuvachi-Alat fields in the Bukhara region.

LUKOIL is the largest foreign investor in Uzbekistan. The accumulated volume of the company's investments in the economy of Uzbekistan is about $8 billion. Currently, about 3,000 people are employed at LUKOIL facilities.

The operator of the company's projects in Uzbekistan is LUKOIL Uzbekistan Operating Company.

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