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International consortium invests $5.2B in oil, gas development in Uzbekistan

25 March 2019 [13:17] - TODAY.AZ

By Trend:

The international consortium of the US Epsilon Development Company and Epsilon Asia Limited (Hong Kong) will invest $5.2 billion in the development of oil and gas fields in Uzbekistan in 2019-2023, Trend reports via

"For implementation of projects in Uzbekistan, a consortium of investors has been created as part of the Epsilon Development Company and Epsilon Asia Limited, which will develop the oil and gas fields in the country," the representative of the press service of Epsilon Development Company, the project operator in Uzbekistan Sardor Iskhakov said.

He specified that the consortium obtained licenses for prospecting, exploration, production and transportation of hydrocarbons in five investment blocks in the Bukhara-Khiva and Fergana oil and gas regions of the country.

A company representative also stated that the project will be financed on the basis of a public-private partnership agreement by attracting direct investments from consortium members and loans from foreign banks that will be attracted without state guarantees.

The preliminary estimates by the operator demonstrates the increase in gas reserves at the license areas over five years may amount to about 500 billion cubic meters of gas (C1 category), 12 million tons of gas condensate (C1) and 8.6 million tons of oil (C1 + C2).

"We already received a gas flow from two wells at one of the fields in the Bukhara-Khiva region with a debit of 200,000 and 250,000 cubic meters per day, respectively, In March," Iskhakov noted.

Epsilon Development Company stressed that, at the initial stage, the entire volume of hydrocarbons produced will be sold in the domestic market of Uzbekistan. At the end of geological exploration and the approval of reserves, a program for the development and arrangement of the fields will be prepared for each field, and the best option for their development will be selected.

Subsequently, a decision will be made on the feasibility of building a gray-gas processing plant.


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