Tashkent, Uzbekistan, Jan. 22
By Demir Azizov - Trend:
Kossor Operating Company OJSC, a wholly-owned subsidiary of PetroVietnam Exploration & Production (PVEP) in Uzbekistan, has suspended exploration work at the Kossor investment block in the country's Ustyurt region, a representative of the PVEP told Trend.
"We had to complete the second stage of a five-year investment program, including drilling of a second exploration well at the Kossor block, but due to adverse oil and gas market conditions, the work was suspended," the representative of the company said Jan. 22.
A representative of Uzbekistan's national holding company Uzbekneftegaz said that a license agreement with PVEP was not terminated, however it wasn't clarified how long the exploration would remain suspended.
It was previously reported that Uzbekneftegaz and PVEP signed an agreement in 2010 to hold a geological exploration at the Kossor investment block in the Ustyurt region.
Kossor Operating Company was established for carrying out the projects in Uzbekistan.
