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Economy 27/12/2012 Lukoil adopts investment decision on South-West Gissar project
Lukoil adopts investment decision on South-West Gissar project
Tashkent, Uzbekistan (UzDaily.com) -- Russia’s Lukoil adopted a final investment decision on the project of South-West Gissar gas condensate fields development in Uzbekistan, Lukoil Uzbekistan Operating Company said.

Thus, issue of project transfer into implementation stage and expediency of main investments has been solved, the company underlined.

In the process of final investment decision preparation the Part to Be Approved of the Working Project Documentation was developed, all required conclusions of governmental expertise agencies of the Republic of Uzbekistan were received, comprehensive peer review of the project, as well as its third party assessment by IPA, was conducted.

The decision was approved by the Steering Committee of the project. In the process of final investment decision preparation methods of Integrated Project Management System were widely used: technical peer review, comprehensive peer review, third party assessment, workshops on risk and lessons learnt, examination of work schedule, preparation of a set of documents for decision-making, project appreciation plan.

Application of Integrated Project Management tools will be continued in the process of project implementation.

LUKOIL joined South-West Gissar project in March 2008. In the contract area in Kashkadarya region there are 7 fields, gas condensate fields: Adamtash, Dzharkuduk – Yangi Kyzylcha, Gumbulak, Amanata and Pachkamar, South Kyzylbayrak oil-gas condensate field and Koshkuduk oil field, with approved reserves of about 100 million TOE.

PSA for the project was signed in January 2007 for the period of 36 years and came into effect in April 2007. Works in the contract area are implemented by a sole operator, LUKOIL Uzbekistan.

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