JSC Uzbekneftegaz and SOCAR’s subsidiary LLC “NIPI NEFTEGAZ” have signed an agreement to increase oil production in Kashkadarya within the framework of the XXIII International exhibition and conference “Oil and Gas of Uzbekistan OGU – 2019”, the press service of the JSC Uzbekneftegaz reported.

The document defines the main conditions for cooperation to increase hydrocarbon production at the Garbiy Tashli and Sharkiy Tashli, Shimoliy Shurtan and Garmiston fields of the Republic of Uzbekistan using advanced methods and technologies of SOCAR.

It should be noted that this is the first project of its kind Uzbekneftegaz is planning to realize with the Azerbaijani SOCAR.

Agreements on its joint implementation were reached at the International Exhibition and Conference “Oil and Gas of Uzbekistan OGU – 2018”. A Memorandum of Understanding was signed, which has become the basis for establishing a close partnership with the global oil and gas company.

Development of cooperation between the two companies will boost the production of hydrocarbons in Uzbekistan and this will increase the socio-economic development of the Kashkadarya region.

In May, Uzbekneftegaz, SOCAR and BP Exploration (Caspian Sea) signed a memorandum of understanding to study the possibility of conducting joint exploration and development of oil and gas fields in the country. The companies were invited to discover the possibilities of joint geological exploration at the Aralomorsk, Samsko-Kosbulak and Baiterek investment blocks of the Ustyurt region.

According to the official statistics, oil production in Uzbekistan in 2018 decreased by 8.2% (up to 746.4 thousand tons) compared with 2017, and natural gas increased by 6.1% (up to 59.842 billion cubic meters).