KNOC

"Lukoil" and CNPC to invest $ 300 million in production in the Aral Sea.

In 2017 the consortium plans to start developing fields in the Uzbek part of the sea.
In 2017 the international consortium of Uzbek state company "Uzbekneftegaz", Russian "Lukoil" and China's CNPC planned to begin further exploration, construction and development of hydrocarbon fields in the Uzbek part of the Aral Sea, a source in "Uzbekneftegaz" told "Interfax". Until 2031 the partners would invest $ 300 million into the project, he stated, adding that this was the approximate amount of investment, the final cost of the project would be determined after the feasibility study.

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South Korean KNOC leaves two upstream-projects in Uzbekistan

The South Korean Korea National Oil Corporation (KNOC) has decided to stop the search for hydrocarbon raw materials at two projects in Uzbekistan, a source that is close to the projects reported to the RIA Novosti on Friday.
“The decision of projects termination is connected with the company’s total strategy on minimization of financial expenses and commercial inexpediency of the further participation in them,” – the source reported.
As the agency Platts reported on Friday, referring to representatives of the South Korean company, that KNOC can sell its Canadian subsidiary – the petrochemical company Harvest Operations in order to improve its financial situation.

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Rimera sums up sales of trunking equipment in 2012

For 12 months of the last year, plants SOT and MSA, parts of the Rimera Group, increased their dispatches by more than 13% as compared to 2011. Read more »

Lukoil Overseas has produced first gas at the largest deposit in Uzbekistan and purchased additional stake in PSA by Uzbek part of Aral Sea

Lukoil Overseas in the framework of the PSA realization on the development of the gas reserves of the South-Western Gissar (the Kashkadariinsky region) has produced the first gas at the largest block of the deposit – the Dzharkuduk – Yangi Kyzylcha in Uzbekistan, the company’s press service reports.
Before the gas output at the South-Western Gissar the company had produced oil at the South Kyzylbairak and Koshkuduk deposits (by the preliminary data, in 2011 the production is to be 90 thousand tons). Read more »

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. Read more »

Gazprom Neft develops Eastern Siberia

Gazprom Neft has actually discovered a new deposit in Eastern Siberia. The company has appraised an additional 100 million tons of oil and 175 billion cubic metres of gas while studying the Chonsk sectors, licenses for which were obtained several years ago. The State reserves committee has already booked these reserves. The South Korean KNOC can become the company’s partner in development of the deposits. Read more »

Kazakhstan. Korea spent $0.5 bln for oil deposits

The Korea National Oil Corp (KNOC) has purchased for $515 mln 95% of Altius Holdings that holds the right for the development of the oil deposits in Kazakhstan. As Bloomberg reports, the deal was signed last week, however, KNOC has made a report only now.
Altius Holdings has the right to develop the Besbolek, Karataykyz, Alimbai and other deposits. Their total reserves are estimated at 56.9 mln barrels.
The Korean company has also reported that it purchased for $1.55 bln the stake in the project on hydrocarbon production out of shale in Texas. Read more »

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