The production enhancement contract will pass operatorship from state-run Uzbekneftegaz to a local subsidiary of the new entrant.
Under the deal, Condor Energies is responsible for increasing production and recovery rates at the fields and will cover all rehabilitation costs in return for a percentage of revenues.
Operations are expected to begin in Q1 2024.
The company intends to implement artificial lift, workover and infill drilling programmes in addition to 3D seismic activities to up prospective recoverable reserves.
The acquired assets are an integrated cluster of fields located in the southwest of Uzbekistan near the Turkmen border.
The stacked-carbonate and clastic reservoirs are currently experiencing annual decline rates and low recovery factors.
Gas produced at the plays will be sold to Uzbekneftegaz.
Previously the company signed a deal with neighbour Kazakhstan to produce gas using modular technologies for the country’s upcoming LNG production facility that will produce 350 tonnes per day of LNG.
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More
Seatrium has been awarded a contract by SBM Offshore for the topsides fabrication and integration of an additional FPSO vessel… Read More
Diamond Offshore has secured a USD 350-million extension for an ultra-deepwater drillship deployed for Anadarko Petroleum in the US Gulf… Read More
ExxonMobil has made a discovery in the Angolan deepwater, the country's energy regulator announced on Monday Read More
This website uses cookies.