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Uzbekistan Oil and Gas is one of the prime industry in the energy sector. Oil and natural gas are abundant in Uzbekistan. There are more than 171 oil and gas fields in Uzbekistan. Most of them are concentrated in the Fergana valley region. 60% of the Uzbekistan oil and gas fields are concentrated in the Bukhara and the Kiev region.
Huge reserves of oil are found in Uzbekistan. Currently it has around 600 million barrels of oil reserve. New oil fields have been explored in south western Uzbekistan in places like Kokdumalak, Shurtan, Olan, Urgin and South-Tandirchi. The Ustyurt plateau and the Aral Sea also have substantial oil deposits.
Uzbekistan natural gas reserves are estimated to be around 66.2 trillion cubic feet. The largest oil reserves in Uzbekistan is located in the Ustyurt Region. In total there are 52 natural gas fields. Gazli, Shurtan, Pamuk, and Khauzak are the major oil fields.
The government is trying to rope in huge amount of foreign capital to develop these industries. This will prove to be a major boost to Uzbekistan economy. Joint ventures are being encouraged for setting up of oil and natural gas industry in Uzbekistan. Baker and Hughes, a foreign company is investing to increase production in the North Urtabulak field. The company is also trying to develop and explore new fields in Adamtash, South Kemachi and Umid fields. Uzbekistan is one of the major exporters of oil. The three oil refineries in Uzbekistan are located at Fergana, and AltyArik.. A new and a modern refinery has come up in Bukhara.
Russia has pumped in a lot of capital in the natural gas industry of Uzbekistan. The domestic company Uzbekneflegaz has signed an agreement with Itera, a Russian company for exploration and development of new natural gas reserves. Trinity Energy of Britain has invested large amount of capital in increasing production of natural gas in the country. Uzbekistan is a major exporter of oil and natural gas to its neighboring countries like Kazakhstan, Kyrgyzstan, Russia, Ukraine and Tajikistan. The Mubarak gas processing plant is the largest in the country.
The oil and gas industry of Uzbekistan is a major lifeline of the country's economy. Exploration of new reserves and increase in production of oil and gas in Uzbekistan is a prime concern of the government.
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