BAKU, Azerbaijan, Dec. 6
By Fakhri Vakilov-Trend:
Russian Zarubezhneft and Tatneft oil companies are exploring the possibility of joint work on an oil and gas block in Uzbekistan, General Director of Zarubezhneft Sergey Kudryashov announced, Trend reported citing Russian media.
"No specific documents have been signed so far, but we are considering one block for joint work together with Tatneft," Kudryashov noted.
He did not name where the prospective oil and gas area is located, but added that a decision to work on this block could be made before the end of the first half of 2020.
Recently, Andijanpetro LLC, a joint project of the Russian Zarubezhneft JSC and Uzbekistan Uzbekneftegaz oil and gas companies, has been launched in Uzbekistan’s Andijan region. The JV will operate in the Khartoum, East Khartoum and South Alamyshik fields in western Uzbekistan.
In late November, Russian Tatarstan’s President Rustam Minnikhanov visited Uzbekistan on a two-day visit. In particular, he talked about building up cooperation in the oil and gas sector, primarily, referring to future joint projects of Tatneft and Uzbekneftegaz.
Zarubezhneft holding includes more than 20 joint ventures and subsidiaries in various segments of the oil and gas business.
Zarubezhneft is Russian state oil holding uniting more than 20 joint ventures and subsidiaries in various segments of the oil and gas business. It has a net profit of more than $101.9 million and a turnover of about $2.3 billion.
Tatneft’s operations are focused on assets in Tatarstan, where up to 70 percent of all oil is produced. Last year, the company produced 29.5 million tons of oil, and by 2030 it is expected to increase this figure to 35 million tons, including through new projects.
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