Uzbekistan's Uzbekneftegaz Keen To Join Azerbaijan's Shah Deniz Gas Condensate Project

(MENAFN- Trend News Agency) GUBA, Azerbaijan, May 21. Uzbekneftegaz, astate-owned holding company of Uzbekistan's oil and gas industry,may join the Shah Deniz gas condensate project on the AzerbaijaniCaspian shelf, Uzbek Minister of Investment, industry and TradeLaziz Kudratov told reporters on the sidelines of the 2ndAzerbaijan-Uzbekistan Interregional Forum in Guba, Trend reports.

"We are inviting Socar (the State Oil Company of the AzerbaijanRepublic) to participate in oil and gas production projects inUzbekistan and are in discussions regarding this collaboration, the issue of Uzbekneftegaz's involvement in gasproduction projects in Azerbaijan, specifically the Shah Denizproject, is now in its final stages. Shared participation is thesubject of ongoing negotiations," he explained.

Kurbatov expressed hope that the documents formalizingUzbekneftegaz's entry into Shah Deniz will be signed in the comingmonths.

"Our involvement in this project necessitates substantialfinancial and legal expertise, with assistance from a foreignconsultant. We are committed to these prospects," heemphasized.

To note, the Shah Deniz project has been active since 1996, withthe field development deal renewed in 2013 to continue until2046.

The current participants in the project are bp (productionoperator with a 29.99 percent stake), Lukoil (19.99 percent), TPAO(19 percent), NIKO (10 percent), and SGC Upstream (representingAzerbaijan's interests with 21.02 percent).

The Shah Deniz gas reserves are estimated at 1.2 trillion cubicmeters, with roughly 20 percent extracted.


Trend News Agency

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