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.”
Don’t just follow the news—understand it.
The IntelliNews PRO service includes access to reports, exclusive market data, and more news that decision-makers care about. Stay ahead of the market with IntelliNews PRO.
Sign Up NowRelated Articles
Eurasian Development Bank redeems €286mn Eurobond
The Eurasian Development Bank (EDB) said on March 26 it had fully redeemed a five-year Eurobond, meeting all obligations to investors at maturity. The bank paid a total of €286mn, covering both ... more
Georgia’s TBC Bank weighs up separate IPO for TBC Uzbekistan digital bank
London-listed TBC Bank Group PLC (LON: TBCG) is weighing up conducting a separate initial public offering (IPO) for its TBC Uzbekistan digital bank business. Reuters on February 24 ... more
IndiGo cancels Central Asian flights until late February over Iran tensions
Indian budget carrier IndiGo has cancelled all flights to and from Tbilisi, Almaty, Baku and Tashkent until February 28 due to the developing situation around Iran, the airline announced on February ... more