(Source: Daily News Bulletin; Moscow - English)
TASHKENT. Oct 17 (Interfax) - The China National Petroleum Corporation (CNPC) and Uzbek National Holding Company Uzbekneftegaz have signed an agreement on the creation of a joint venture, Mingbulakneft, to jointly develop Mingulak oil field, in Namangan region, Uzbekistan.
Andizhanneft, affiliated to Uzbekneftegaz, and the China National Oil and Gas Exploration and Development Corporation (CNDOC), which is affiliated to CNPC, are the founders of the joint venture on a parity basis, Uzbekneftegaz said.
The Mingulak oil field located in the Fergana oil and gas region was opened in 1992. It has been developed by Uzneftegazdobycha (Uzbekneftegaz structural branch). The resources of the field and the volume of oil extraction have not been disclosed.
This is the second project being implemented by the Chinese company in the Uzbek oil and gas sector. According to earlier reports, in December 2006, CNDOC created a subsidiary, CNPC Silk Road, with 100% Chinese capital to conduct exploration in Uzbek oil and gas regions. It has a license to explore five investment blocs within the Ustyurt, Bukhara-Khiva and Fergana oil and gas regions. Under the agreement, CNDOC will invest $208.5 million in exploration in Uzbekistan.
Uzbekneftegaz is a monopoly operator of the oil and gas sector of Uzbekistan. It was created in 1998 and includes six stock holding companies.
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