15 July 2019, Uzbekneftegaz (UNG) intends to offer over 50 mature fields with low/falling oil production for development to foreign companies on risk-service contract basis, as announced by Mr. Sidikov, UNGâs Chairman of the Board.  UNG has a stock of more than 50 fields with falling oil production. These are mostly small fields or fields with hard to recover reserves where UNG is not able to work or does not see justification to invest large amounts of money. UNG will offer them to foreign investors if they are ready to bring in new technologies and are confident that they will be able to increase production from these fields.  Foreign companies would invest at their own risk. The existing production would be fixed as a base level and will belong to UNG, and any incremental production would be split between UNG and the investor based on an agreed formula.  These so-called âundistributed riskâ contracts are not a new form of co-operation in Uzbekistan. This type of contract has already been used in the past, there already are several investors with whom such contracts have been concluded.  UNG has already started working with several foreign companies on certain fields. UNGâs priority now is to develop a system of tendering such fields. This will all be completed in 2019.
15 July 2019, Uzbekneftegaz (UNG) intends to offer over 50 mature fields with low/falling oil production for development to foreign companies on risk-service contract basis, as announced by Mr. Sidikov, UNGâs Chairman of the Board. UNG has a stock of more than 50 fields with falling oil production. These are mostly small fields or fields with hard to recover reserves where UNG is not able to work or does not see justification to invest large amounts of money.