Malaysian Petronas terminated hydrocarbon prospecting at one of the blocks in Uzbekistan

Malaysian Petronas has suspended geological exploration at an investment block in the Surkhandaryinsky region in the south of Uzbekistan in order to optimize its business in the republic, the source, close to the company, stated to RIA Novosti on Wednesday.

“The investor has carried out a seismic operation, prospecting drilling. The result is further development of the block is unreasonable. There started a process of liquidation of an operator of the project. The company will focus on other projects in Uzbekistan,” the source said. In November 2008 Petronas and a national holding company “Uzbekneftegas” signed a protocol on becoming effective an agreement for geological exploration at the Surkhanskoye investment block in the Surkhandaryinsky region. The agreement considered carrying out of a geological exploration during 5 years with a minimum volume of investments at $29.3 million.