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Central Asia news

Uzbekistan and Consortium of Investors sign an accord on Aral

29.12.2006 21:51 msk

Sekret Firmy

Business Russia

Participants of the Consortium of Investors (Uzbekneftegaz, Lukoil Overseas, Petronas Carigali Overseas, CNPC International, and KNOC Aral) signed the Joint Activities Accord and Common Operator Accord by way of fulfillment of the split production accord with regard to the Uzbek part of the Aral Sea.

Resolution of the government of Uzbekistan in late October 2006 specified the signing of these documents within two months. The accords define the terms of establishment of the project operator, its functions, and relations between the involved parties.

The split production accord is supposed to come into effect in the last tens days of January 2007 when all requirements have been met and the protocol been signed by the government and the Consortium of Investors. The operator's charter and basic instruments are to be drafted by then as well. The company will be registered in the Republic of Uzbekistan.

Seismic survey operator is to be selected in the middle of February, the survey itself to begin in March.

The split production accord was signed in Tashkent on August 30, 2006. All participants of the Consortium of Investors are equally involved. Seismic survey will include two phases. Phase One (three years) will include regional survey and the drilling of two test holes with the minimum financial commitments to the amount of $99.8 million.

The technical and economic assessment will be drafted when Phase One is over and Phase Two will be charted with all economic parameters specified. Survey of the second phase will take place as soon as commercial terms have been decided on.

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Sekret Firmy

Ferghana.Ru news agency, December 28, 2006