Petronas has signed three key agreements in Uzbekistan, boosting its presence and strengthening its business portfolio in the country.
Through its wholly-owned subsidiary PCOSB, Petronas signed the Agreement on Activities and Main Principles for Baisun Block Production Sharing Agreement (PSA) and an Exploration Agreement for the Surkhanski Block with the Government of Uzbekistan. Both blocks are located adjacent to each other in the Surkhandarya region, south of Uzbekistan.
Addtionally, Petronas signed a Memorandum of Cooperation (MOC) for Petrochemical Projects with the Uzbek national oil company Uzbekneftegaz National Holding Company (UNG).
Under the PSA which the company expects to enter into in 2008, PCOSB will hold a 100% equity stake and will be the operator for the block. Currently, the company is already undertaking exploration work in the block, measuring 3,150 square kilometers, under a Joint Study Agreement signed with UNG in 2005.
The Exploration Agreement for the Surkhanski Block grants PCOSB the rights to carry out exploration work in the block, measuring 7,200 square kilometers, and will subsequently pave the way for a PSA upon discovery of hydrocarbons.
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