ONGC Videsh and Uzbekneftegaz (UNG) have signed a co-operation Agreement and a Confidentiality Agreement providing for joint preparation of specific proposals for co-operation through the exchange of information on the investment blocks in Uzbekistan within 4 months. The agreements were signed during President of Uzbekistanâs visit to India on 30 September â 1 October 2018.  Uzbekistan offers 22 E&P investment blocks across all its petroleum basins on an open negotiations basis.  Background Information  This is not the first time that ONGC attempts to enter Uzbekistan. In May 2011, UNG and ONGC signed a co-operation memorandum on a possible 5-year exploration programme for the Middle Syr-Darya area (part of the Syr-Darya Basin). The preliminary studies were supposed to take 6 months, however, there have been no announcements of a concrete deal having been reached.  Most of the Syr-Darya Basin is located on the territory of Kazakhstan, and only the basinâs south-western and southern margins fall within Uzbekistan. There are no existing discoveries in the basin in either of the countries.  The 2011 agreement also provided for ONGC and UNG to co-operate in increasing production from low productivity wells. The project was to be funded from the Export-Import Bank of Indiaâs USD 2 billion loan to Uzbekistan.  In November 2013, ONGC and Petrovietnam Exploration & Production (PVEP) signed an MoU regarding joint development of the Kossor investment block in western Uzbekistan (Daryalyk-Daudan Depression). As part of the document, ONGC was supposed to present its proposals for the project in Q1 2014, however, no progress has been reported regarding this potential deal either. It is understood that PVEP has drilled at least one unsuccessful exploration well in the Kossor block.
ONGC Videsh and Uzbekneftegaz (UNG) have signed a co-operation Agreement and a Confidentiality Agreement providing for joint preparation of specific proposals for co-operation through the exchange of information on the investment blocks in Uzbekistan within 4 months.