In line with the document, the investors’ consortium, including Uzbekneftegaz, Lukoik, KNOC and CNPS will drill three exploration wells with minimal volume of investments for US$17 million. Aral Sea Operating Company is operating company.

Currently, over 3,000 meters of 2D seismic works were conducted at dry land, sea and transit zone. Two exploration wells were drilled and US$110 million invested to the project.

In the result, a deposit of natural gas with preliminary reserves of 11 billion cubic meters was opened in Western Aral. Besides, six perspective structures were revealed, four of which were documented and prepared to deep drilling.

According to the Uzbekneftegaz, the Uzbek part of Aral Sea can have over 30 oil and gas objects.

A consortium of investors implements the project where each of National Holding Company Uzbekneftegaz, LUKOIL Overseas, CNPC International (China), KNOC Aral (Korea) and Petronas Carigali Overseas (Malaysia) has equal stakes (20%).

In line with the PSA, Uzbekistan will possess 50% of product, while consortium participants will receive 10% each in the initial stage of the project.