The company intends to invest at least 400 million dollars in the project, representative of the Gazprom Zarubezhneft private company Ivan Gogolev said on the sidelines of the 13th international exhibition "Oil and Gas of Uzbekistan - OGU - 209, which opened in Tashkent.

So far, the company has met all the project targets, including the 20 exploration wells. "It’s an indicator one can be proud of," Gogolev said.

The representative of the Russian company reminded that Zarubezhneftegaz’s first project in Uzbekistan was further development of the Shakhpakhty on the Ustyurt plateau.

"The gas produced there shows successful cooperation under the first production-sharing agreement for 15 years, signed on 14 April 2004.

"The project has been a success; the planned targets have been met," Gogolev said.

According to the Uzbekneftegaz company, the state has 225 oil and gas deposits on balance, including 115 gas and gas condensate fields, 110 oil and gas, oil and gas condensate and oil deposits.

Last year, Uzbekistan produced 67.7 billion cubic meters of gas a year, of which 15 billion cubic meters were exported.

The republic’s investment program for 2009 envisions the implementation of 14 projects in the oil and gas sector, and the attraction of over one billion dollars of foreign investments.