Uzbekneftegas to intend to invest $3 billion into stabilization of oil production by 2021

The national holding company Uzbekneftegas has estimated necessary amount of investments into stabilization of oil production before the end of 2020 at $3 billion, a source in the Government reports.

“Such calculations of the company are based on expenditures for new wells drilling, upgrade and redevelopment of fields with maintenance of necessary formation pressure,” – he said.

According to geological calculations of Uzbekneftegas, drilling and launch of up to 1.54 thousand new wells in the next decade are necessary to increase oil recovery of fields at least by 5%. This will provide potential of growth of the annual oil production to 2 million tons with minimal productivity at the level of 5 tons per day and up to 3 million tons with the yield of wells in the amount of up to 10 tons per day.

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