ADNOC has signed a framework agreement with Uzbekistani joint stock company gas Uzbekneftegaz to provide upstream and downstream strategic advice, ADNOC announced in a press release on November 13.
ADNOC executive office director Omar Suwaina Alsuwaidi said: “ADNOC has a 47-year successful track record of developing Abu Dhabi’s oil and gas industry and creating the greatest value from maturing and new resources. We have built a large body of knowledge and expertise which can support Uzbekneftegaz’s growth plans, as it seeks to maximize the value of the country’s oil and gas resources.”
Uzbekneftegaz chairman of the board Bakhrom Ashrafkhanov added: “ADNOC is leveraging all its resources, its partnerships, the skills of its people and, in particular, the latest technologies, to deliver greater shareholder value. It has a proven track record of solving complex upstream and downstream operational challenges and, we believe, its ongoing support will help accelerate our own plans to maximize returns from our gas resources.”
Uzbekneftegaz has partnerships with Korea National Oil Corporation, Lotte Chemical, KOGAS, China National Petroleum Corporation, Lukoil, Gazprom and others. The company is currently implementing a gas to liquids (GTL) plant and revamping its Shurtan Gas Chemical Complex.
According to the BP Statistical Review of World Energy, Uzbekistan has proven gas reserves of 1.1 trillion cubic meters and oil reserves of 100 million tons. Industry sources say that the main focus of the country’s oil and gas activities are in under-explored basins in central and western areas of the country. Older fields in the east of the country require modern technology to be developed.