China to Develop Uzbek Oil Field

China National Petroleum Corporation (CNPC) plans to develop Minbulak oil field in Uzbek region of Namangan, investing $212 million in geological exploration of hydrocarbons next year, CA-News reported with reference to Uzbek government.

As the source noted, "the company has announced a tender for drilling, during the exploration in the license area promising horizons for the development were identified. By the end of 2014 the construction and pilot operation may begin."

In October 2011, CNPC and National oil and gas company Uzbekneftegaz signed an agreement on the basic principles of cooperation on joint development of Minbulak.Under the agreement, the Chinese company will invest $212 million with access to the full capacity of 200 thousand tons of oil per year. The operator of the project is Chinese-Uzbek joint venture Minbulakneft, established in 2008, the source added. Deposit Minbulak was opened in 1992. According to Uzbekneftegaz' data, the recoverable reserves totaled 2 million tons.

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