PetroVietnam to Explore New Oil, Gas Block in Uzbekistan

PetroVietnam is expected to start geologic exploration in the Molabaur block of Ustyurt region of Uzbekistan with the cost of $61.6 million in 2012-2017.

Uzbekneftegaz and PetroVietnam will conduct the exercise in the area that spans 3,600 sq km.

This is the second project of the Vietnamese company to conduct exploration for oil and gas in Uzbekistan. In 2010, Uzbekneftegaz and PetroVietnam signed an agreement to conduct exploration work on the Kossor block of Ustyurt region.

At present, about 44 investment blocks were allotted for foreign investors to conduct exploratory operations in Uzbekistan. The licenses on 21 blocks were given to foreign companies.