Lukoil Digs Deep for Uzbek Projects
Russian independent Lukoil plans to invest $2bn in its Uzbek gas projects, the Uzbek energy ministry quoted CEO Vagit Alekperov as saying April 25 in Bukhara.
Lukoil invested rubles 20.9bn ($320mn) in those projects last year, about a quarter of what it spent in 2017. For this year its only commitment is to study new exploration projects in the north of country.
The investments are needed to prevent pressure fall in the Gissar and the Kandym group of fields in future as well as to fund new exploration projects, Alekperov said.
Lukoil produced 33.54bn m3 gas in 2018, of which 13.42bn m3 came from Uzbekistan, 17.7bn m3 from domestic fields and only 1.76bn m3 from other sources, including Kazakhstan.
Lukoil’s production share from Uzbek fields increased about 67% year-on-year in 2018, and expected to reach 18bn m3 in 2020.
The company’s total hydrocarbon production in international projects was about 105mn boe in 2017 of which 46.67% came from Uzbekistan, 33.33% from Kazakhstan, 11.4% from Iraq, 6.6% from Azerbaijan and 1.9% from Egypt.
Lukoil also reported April 25 that the dividend payable would be rubles 155 ($2.4)/ share, 16% more than last year.