Uzbekistan, Tashkent, Dec. 2 / corr Trend D.Azizov /
UzGasOil, a subsidiary of the Swiss Zeromax GmbH, obtained industrial gas flow while holding geological and exploration activities in licensed fields in the Bukhara-Khivinisk oil and gas region of Uzbekistan, Zeromax announced today.
"The industrial inflow of gas with a condensate debit of 632,000 cubic meters and 26 tons of condensate per day was discovered while testing the first exploration well in the Shimoliy Girsan prospective area in the depth from 2,654-2,676 meters," the source said.
The results will be checked with data from two other wells, whose drilling will end in late December 2009. Nevertheless, UzGasOil geologists are already gleefully announcing the discovery of yet another hydrocarbon field in the country.
Zeromax did not mention the field's expected reserves.
The Shimoliy Girsan field is located in the southwest section of the East Kultaksk-Northern Nishan Kamashinsk investment bloc.
Uzbekistan's government issued Zeromax a license in April 2008 to carry out oil and gas geological exploration work within the East Kultaksk-Northern Nishan Kamashinsk investment bloc of the Bukhara-Khivinsk region.
The license was issued to authorize the use of the field's reserves for the geological studies of the investment bloc for a five-year term.
UzGasOil is the operator of the geological and exploration project.
In accordance with the license agreement, Zeromax will invest $238.7 million in geological and exploration work in the licensed areas from 2008-2012. The company must invest $164.8 of the sum in the first three years.
Over five years the company plans to carry out a 2D seismic survey in the volume of 800 running kilometers and a 3D seismic surveyin the volume of 2,100 square kilometers, as well as drilling work in the volume of 161,120 running meters, including prospect drilling for 80,440 running meters and exploration drilling for 80,680 running meters.
As a result of the geological work, plans include building 48 prospect and exploration drilling and ensure the increase of crude hydrocarbon reserves in the volume of 102.25 million tons of conventional fuel.
Zeromax GmbH has been active in Uzbekistan since 1999.
The Swiss company is the co-founder of several joint and subsidiary companies active in the country's oil and gas complex.
The company has not had a license to conduct oil and gas geological and exploration work so far. Operations in this sphere are realized via joint ventures with Uzbek partners.
UzGasOil is a full subsidiary of Zeromax, which was registered in 2003. The company organizes the refinery of oil and gas condensate for automobile fuel and POL production.
Retail sales are carried out through a network of recently built petrol stations in Tashkent.
