Uzbekneftegas in 2012-2020 to spend $235 mln for oil production rise

The National Holding company Uzbekneftegas plans in 2012-2020 to spend $235 mln for an increase in oil production in the long term being developed deposits in the republic, the department of the Fuel and Energy Sector of the Cabinet of Ministers of Uzbekistan said on Friday.
A representative of the Government said that by 2021 the holding will realize the program on the deep drilling of about 100 objects with the participation of foreign companies that will share their experience of the application of modern technologies on the raising oil recovery rates of the layers at the deposits with difficult to extract reserves.
It is planned to implement such technologies as a method of underbalanced drilling, raising the oil recovery by means of seismic impact, radial drilling.
According to the representative of the Government, by 2021 the holding plans to annually extract up to the additional 300 thousand tons of oil due to the geological-technical measures directed for the pay back of losses of oil production.
CNPC (China), KNOC (Korea), Delta Oil Company (Saudi Arabia), Eriell Corporation (Czechia), Tethys Petroleum Ltd registered in Guernsey (Channel Islands) are considered as the main partners on the attraction of these technologies.
According to Uzbekneftegas, Uzbekistan with the current volumes of hydrocarbon production has the explored oil reserves for 21 years and condensate for 25 years. About 60% of oil is referred to active, easily extractable reserves. The rest resources require the additional drilling of a good number of deep wells, including with horizontal and branched holes as well as the application of modern technologies.
The capacities of Uzbekneftegas allow to provide the natural gas production at the volume of about 70 bln cubic meters and 8 mln tons a year of liquid hydrocarbons.
Translated by Galiya Musabekova

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