Lukoil courts bidders to Uzbekistan

• Tweet

TASHKENT, Uzbekistan, Feb. 21 (UPI) -- The Uzbek subsidiary of Russian energy company Lukoil invited bidders to help implement the modernization of the Dengizkul field in the country.

"Lukoil Uzbekistan Operating Company announces competitive bidding for engineering services and designer supervision during construction of (the) second stage of the Dengizkul field's Khauzak block construction and modernization," a statement read.

The Russian oil company aims to invest as much as $678 million in Uzbekistan in 2013. Lukoil's most recent assessment puts 2011 gas production at other sections of the Khauzak block at 109 billion cubic feet per year.

The U.S. Energy Department's Energy Information Administration states that, as of 2012, Uzbekistan had 65 trillion cubic feet of proven natural gas reserves, ranking it fourth in the region in terms proven reserves.

The country's potential is limited, however, because of a lack of modern pipeline infrastructure and foreign investments.

An international oil and natural gas exhibition is scheduled for May in Tashkent.