- Sputnik International
World
Get the latest news from around the world, live coverage, off-beat stories, features and analysis.

PSA on Aral Sea deposits to be signed in 2006 - LUKoil

Subscribe

MOSCOW, June 5 (RIA Novosti) - LUKoil (RTS: LKOH), Russia's leading independent crude producer, said Monday a production sharing agreement to prospect and develop oil and natural gas fields in Uzbekistan would be signed by the end of 2006.

A consortium made up of Uzbekneftegaz, Malaysia's Petronas, Russia's LUKoil Overseas Holding Ltd., South Korea's KNOC and China National Petroleum Corporation, was established in September 2005 to conduct prospecting work in the Uzbek area of the Aral Sea.

LUKoil Vice President Leonid Fedun said energy-hungry China and South Korea would be the main outlets for natural gas from the fields and that a pipeline was to be built under the $280 million project.

Exploration conducted by Uzbekneftegaz proved the Aral Sea holds vast hydrocarbon resources and work has started on two of the eight gas condensate fields discovered there in the last few years.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала