Tuesday, September 11, 2018

New Gas Reserves Discovered in Karakalpakstan

Uzbekneftegaz has reported finding new industrial gas condensate reserves in the Nizhny Surgil area of ​​the Ustyurt plateau in Karakalpakstan. The company have detected the presence of significant volumes of gas and condensate at a depth of 3,600 meters and have assessed that they can be commercially exploited and will prepare proposals for further exploration at the Lower Surgil field.
The Ustyurt plateau is one of the most important sources for the growth of hydrocarbons in Central Asia. At the end of 2016 Gazprom and Uzbekneftegaz, established a Natural Gas Stream joint venture for gas production at the Jel field (GKM) on the Ustyurt plateau. The project is expected within the next 10 years to reach a production capacity of some 1.5 billion cubic meters of gas and 76,000 tons of condensate. The investment to develop the project being expected to be in the region of 700 million US dollars. In total, Uzbekneftegaz plans to increase its hydrocarbon production to 53.5 billion cubic metres of gas condensate and oil by 1.9 million tons 2017-2021. (In 2017 Uzbekistan produced 56.4 billion cubic meters of gas and 806 thousand tons of oil).