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Lukoil/Itera link up for Uzbek gas

Russian gas producer Itera said it would sign an agreement with Lukoil to develop gas reserves in Uzbekistan. The two Russian companies will each hold 45% in a licence to develop the Bukhara and Gissar fields with the state-owned Uzbekhneftegaz holding the remainder. Investment is expected to top $700m over 25 years with planned initial production of 4.5bn cu m later to rose to between 8 and 10bn cu m, the Russian newspaper Vremya reported. Reserves are estimated at 230bn cu m of gas and 10m tons of gas condensate.

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