Uzbekistan: Upstream and Downstream Business Adnoc Signs Contract with Uzbekneftegaz to Provide Strategic Advice
Under the agreement, Adnoc will offer strategic advice to Uzbekneftegaz’s Upstream and Downstream operations. Reports state that Uzbekistan’s proven gas reserves are recorded at 1.1 trillion cubic meters and oil reserves are positioned at 100 million tonnes.
Abu Dhabi/UAE – The Abu Dhabi National Oil Company (Adnoc) recently signed a framework agreement with Uzbekneftegaz, a joint stock company of Uzbekistan's oil and gas industry, under which Adnoc will provide strategic advice in relation to Upstream and Downstream operations.
The agreement was signed by Omar Suwaina Alsuwaidi, the Executive Office Director, Adnoc; and Bakhrom Ashrafkhanov, Chairman of the Board, Uzbekneftegaz at the Abu Dhabi International Petroleum Exhibition and Conference in Abu Dhabi.
Uzbekneftegaz was established in May 3, 1992. In 1998, it was transformed into a joint stock company. It has partnerships with the Korea National Oil Corporation, Lotte Chemical, Kogas, China National Petroleum Corporation, Lukoi, Gazprom and others. At the moment, Uzbekneftegaz is implementing strategic projects such as construction of the GTL plant and revamping of the Shurtan Gas Chemical Complex.
The BP Statistical Review of World Energy puts Uzbekistan’s proven gas reserves at 1.1 trillion cubic meters and oil reserves at 100 million tonnes. According to industry sources, the main focus of the oil and gas activity is in the under-explored basins, mainly in the central and western parts of the country. However, potential still exists in the older oil producing area in the east where modern technology will be required to develop some prolific fields which have been discovered and remain to be discovered in this area.