Daewoo Stops Oil, Gas Exploration in Uzbekistan

Korea's Daewoo International Corp. has halted oil and gas exploration in Uzbekistan’s Ustyurt region, Trend reported last week.

The news report citing a source said that the company took a decision on commercial inexpediency of further operations on the licensed areas after the seismic survey and exploratory drilling. The prospective areas in other regions were offered to the Korean company to conduct exploration operations. Daewoo is examining these proposals.

Daewoo and Uzbekneftegaz signed an agreement to explore the Koskudyk and Ashibulak blocks in Ustyurt for five years. The agreement came into force in December 2008.

Uzbekistan ranks third on natural gas extraction among CIS countries. It is among the ten largest gas-producing countries in the world. Over 60 billion cubic meters of natural gas, some of which is exported, are annually extracted in the Republic.