Uzbekistan launching offshore work in Azerbaijan and Turkmenistan

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    Uzbekneftegaz National Holding Company intends to implement a number of joint offshore projects with Azerbaijani and Turkmen colleagues in the Caspian Sea.

    Earlier, Uzbekneftegaz signed memorandums of understanding envisaging the joint activity in that sphere.

    In particular, the memorandum with the Turkmen Oil State Concern envisages the establishment of mutually beneficial and long-term cooperation in joint exploration and development of deposits in the Turkmen section of the Caspian Sea, a representative of the Uzbek holding told Trend June 19.

    Turkmen Oil State Concern and Uzbekneftegaz National Holding Company intend to conclude a production sharing agreement (PSA) on hydrocarbons in the future, the representative added.

    In his turn, Alisher Sultanov, chairman of the board of Uzbekneftegaz National Holding Company, said during the meeting of the International Press Club that the memorandum with Azerbaijan’s State Oil Company SOCAR envisages admitting of Uzbekneftegaz as a partner on the operating deposit.

    “The Azerbaijani side will help us train the personnel,” Sultanov said.

    The details of the joint work with SOCAR will be determined later, Uzbekneftegaz told Trend.

    Uzbekneftegaz has not implemented any projects outside the territory of Uzbekistan during its activity since 1992.

    Uzbekneftegaz is the national operator of the oil and gas complex of Uzbekistan, uniting more than 200 oil and gas enterprises.

    According to British Petroleum (BP), oil production decreased by 3.1 percent up to 2.6 million tons and natural gas production increased by 8.4 percent up to 62.8 billion cubic meters in Uzbekistan in 2016 compared to 2015.

    According to BP, the export of Uzbek gas amounted to 11.4 billion cubic meters, including 5.6 billion cubic meters to Russia, 4.3 billion cubic meters to China, and 1.5 billion cubic meters to Kazakhstan in 2016.