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Saturday, December 30, 2006

Oil consortium agreement to come into effect

PetronasRBC, 28.12.2006, Moscow 11:32:28.Investor consortium participants Uzbekneftegaz, LUKoil Overseas, Petronas Carigali Overseas, CNPC International Ltd, and KNOC Aral Ltd have signed agreements on cooperation and on a single operator as part of the production-sharing agreement (PSA) on the Uzbek section of the Aral Sea, the press office of LUKoil Overseas reported today. The PSA is estimated to come into effect in late January 2007 after all preliminary requirements have been met and a protocol to this effect has been signed by Uzbek government and the consortium. The Articles of Association and other constitutive documents of the operating company should also be prepared, while the company itself should be registered by the Uzbek authorities. A tender for a seismic survey is projected to be closed in mid-February 2007, and seismic operations to start in March.

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