KNOC, Uzbekneftegaz ink 5-yr oil field exploration deal (Update)

Under the deal, KNOC will explore the two fields -- Namangan-Tergachi and Chust-Pap -- which are estimated to hold gas reserves of up to 10.5 million tonnes or crude reserves of 9.2 trillion tonnes.

The exploration period will last for five years in total, and production could begin as early as 2011 if the fields are proven profitable, it said.

Uzbekneftegaz said that in line with the agreement, signed on 10 November, the Korean side undertook financial obligation for over US$60 million.