The OGU conference, which ended on Thursday, was organized by the international exhibition company ITE Uzbekistan, member of UFI, and its partners I.T.E. Exhibitions & Conference Ltd. (UK), ITE Moscow, GIMA (Germany) and ITE China. Uzbekneftegaz national holding company supported the project.

Gaybulla Abdullaev said the volume of attracted foreign investments to oil and gas exploration works in Uzbekistan made up about US$1.2 billion in 2006-2009. He said that the share of foreign companies in the growth of recoverable hydrocarbon reserves in Uzbekistan was 39% in 2009 and the figure will reach 45-50% by 2015.

As of 1 January 2010, the state balance of Uzbekistan records 228 oil and gas fields, of which 179 were free gas deposits, 112 – oil deposits and 142 – condensate deposits.

The explored commercial hydrocarbons reserves in the mentioned deposits will allow Uzbekistan to satisfy internal gas demand for 32 years, oil – 33 years.

Gaybulla Abdullaev noted that at the same time, Uzbekistan possesses significant forecasted (7.73 billion tonnes in fuel equivalent) and prospective (1.8 billion tonnes in fuel equivalent) recoverable resources and preliminary estimated of oil, gas and condensate (0.56 billion tonnes in fuel equivalent). He added that this will allow annually increase their commercial reserves, exceeding annual mining at least by 1.2-1.5 times. Uzbekistan occupies 11th place in the world on annual gas production, he added.

Abdullaev said over 60% territory of Uzbekistan have oil and gas prospects. He added that Uzbekistan discovered 15 deposits in 2008 and 13 in 2009.

Gaybulla Abdullaev said 26 blocks of 47 investment blocks, allocated by Uzbekneftegaz in the territory of Uzbekistan, were handed over to foreign investors. Uzbekneftegaz in cooperation with foreign investors are carrying out exploration works in two blocks. The Uzbek company also holds talks with foreign investors over six blocks.

He said that eight investment blocks were newly reassigned and offered to foreign companies for carrying out exploration works and Uzbekneftegaz explores other five blocks.

Total area of perspective fields, allocated to foreign companies, currently makes up 63.9% of overall area with prospective extractable hydrocarbon reserves amounting 4.06 billion tonnes in fuel equivalent or 52.5% from total volume available in Uzbekistan, he said.