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Condor Energies secures gas field contract in Uzbekistan

Published 01/31/2024, 09:23 AM
Updated 01/31/2024, 09:23 AM
© Reuters.

CALGARY - Condor Energies Inc. (TSX: CDR), a Canadian energy company, has announced a contract with Uzbekistan to enhance production at a cluster of natural gas-condensate fields. The deal with the Uzbekistan government involves increasing domestic natural gas supply and aims to improve recovery rates while reducing carbon emissions.

The project, in collaboration with JSC Uzbekneftegaz, Uzbekistan's national oil and gas company, will see Condor implementing advanced technologies and operating techniques similar to those used in Western Canada. The company is set to receive a share of net revenues from the increased production, in return for covering all project costs.

Condor plans to introduce methods such as artificial lift, workover, and infill drilling programs, as well as investigating deeper productive horizons, supported by seismic reprocessing and a 3-D seismic program. Operations are expected to commence after an environmental baseline audit and technical inspections are completed in the first quarter of 2024.

According to Don Streu, President and CEO of Condor, the initiative represents a significant investment opportunity and marks Condor as UNG's first Western strategic operating partner. The project is anticipated to bring benefits to the Uzbek government in the form of increased taxes and royalties, and to local communities through employment and skills training.

The announcement comes as part of Condor's broader strategy in Central Asia and Turkey, where the company has been expanding its energy transition initiatives, including the development of Central Asia's first LNG facility and a lithium brine project.

Uzbekistan, a nation rich in resources, has been undergoing extensive reforms to revitalize its economy and attract international investment. While the country is increasing its renewable energy production, natural gas remains a key transitional fuel source.

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This collaboration with Condor Energies is part of Uzbekistan's efforts to maximize recoveries from existing fields and is expected to contribute to the country's sustainable energy goals. The information for this article is based on a press release statement from Condor Energies Inc.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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