Lukoil acquires assets in Uzbekistan

LUKOIL Overseas has completed a transaction with ZAO MGNK-SoyuzNefteGaz to acquire 100% of SNG Holdings Ltd. group, one of which is SoyuzNefteGaz Vostok Limited, a signatory to the Production Sharing Agreement (PSA) on the South-Western Gissar and Ustyurt Region fields in the Republic of Uzbekistan.

The transaction amount came to approximately USD 580 million. The National Holding Company Uzbekneftegaz is the second signatory to the PSA as a state authorized body. The PSA was signed on January 23, 2007 for a 36-year period; it came into effect on April 23, 2007.

There are 7 fields in the contract area of the South-Western Gissar (Kashkadarinsky Region), i.e., the gas condensate fields Dzharkuduk-Yangi Kyzylcha, Gumbulak, Amanata, Pachkamar and Adamtash, the oil and gas condensate field Southern Kyzylbayrak, and the oil field Koshkuduk. Southern Kyzylbayrak and Koshkuduk produce a small amount of oil and gas condensate.