Canada's Condor Energies has announced the signing of a heads of agreement (HoA) with Uzbekistan that will put it on the path to stepping up gas production in the Central Asian country.
“The HoA establishes the detailed framework for the final negotiations and approval of the definitive legal documents for an investment project to assume full operations of eight existing gas-condensate fields along with two additional exploration blocks in the surrounding area with the objective of increasing production rates and recoverable reserves,” Condor said in a press release.
The Canadian company is to implement a comprehensive field refurbishment, infill drilling and an emissions-intensity reduction plan. The produced gas will be processed under long-term agreements with Uzbekneftegaz (UNG) using fixed tariffs and sold domestically under long-term contracts with the state gas marketing company.
Don Streu, president and CEO of Condor, said: “Condor is honored to be selected as a strategic partner of UNG and to be given the opportunity to materially contribute to increasing Uzbekistan’s natural gas production rates and recoverable reserves. The company’s plan will introduce proven technologies and operating practices and take advantage of Condor’s regional experience.”
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