BAKU, Azerbaijan, Oct. 6
By Klavdiya Romakayeva - Trend:
Canadian Condor Petroleum is ready to invest more than $1 billion in the economy of Uzbekistan at the expense of its own capital investments and expenses for production operations, Trend reports with reference to Dunyo news agency.
The Ambassador of Uzbekistan to Canada, Javlon Vakhabov, held online talks with the Director and Chairman of the Council of the Canadian oil and gas company Condor Petroleum Inc. Dennis Balderston and company president Don Streu.
The purpose of the negotiations is to attract foreign investors to promising projects to expand geological exploration and increase natural gas production in Uzbekistan.
“The potential of Uzbekistan in the oil and gas sector is very high, and now is the right time for Condor Petroleum to invest in increasing gas production, its reserves and contribute to the professional development of the labor force of Uzbekistan, while actively supporting the surrounding communities,” Balderston said.
Balderston also said that Condor Petroleum is ready to invest over $1 billion in the economy of Uzbekistan through its own capital investments and expenses for production operations, as well as introduce modern equipment and technologies in this industry.
“The company has already explored these five producing fields in the city of Gazli in the Bukhara region. The project implementation period is 2021-2024,” said the President of the company Don Streu.
Streu outlined that the company will significantly increase production and reserves of natural gas in Uzbekistan through the use of innovative solutions and modern Western technologies.
Condor Petroleum executives said that more than doubling gas recovery from existing fields will reduce capital and operating costs as well as dependence on diesel fuel by replacing it with liquefied natural gas for power generation, vehicle operation, and heavy equipment.
“The Canadian side is interested in developing cooperation with Uzbekistan to expand geological exploration, increase natural gas production, and is ready to take an active part in the implementation of promising investment projects in the republic,” said the Embassy of Uzbekistan.
Established in 1994, Condor Petroleum worked in Central Asia, North and South America, Indonesia, Libya, Angola, Turkey. The company has the largest and most technically advanced 3D seismic data acquisition and processing program in the Central Asia region. Its application made it possible to identify 79 promising oil production facilities with a total resource of more than 1.5 billion barrels for exploration.
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