OPIC to Underwrite Uzbek Gas E&D

The Oil and Gas Journal
July 8, 1996

The U.S. Overseas Private Investment Corp. (OPIC) has agreed to provide $ 400 million in financing for a joint venture of Uzbekneftegaz and Enron Oil and Gas Co. to develop a clutch of gas fields in Uzbekistan.

It is the largest OPIC commitment in Central Asia thus far. Enron and Uzbekneftegaz agreed to extend terms of an agreement they are negotiating to designate 11 fields in the Surhandarya and Bukhara regions to be dedicated to the project. The fields are mainly natural gas plays with substantial associated natural gas liquids and crude oil.

Reserves are estimated at 6 tcf proved and 20 tcf potential for natural gas and more than 400 million bbl of potential liquids. Enron said first gas could come on line in 1998. Negotiations also are under way with Russian gas giant Gazprom regarding marketing and transportation.

© Copyright 1996

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