Company-operator, SNG Gissar Operating foreign venture, which enters the structure of Russian Soyuzneftgaz, has begun extraction of hydrocarbons on two oil deposits and conducts preparation for complex development of gas condensate deposits in Southwest Gissar.

Extracted oil is later gathered in Shurtan then it will be transported for processing to Bukhara and Ferghana oil refineries, UzA reports.

With a view of realization of the Product sharing agreement, signed with National holding company Uzbeknefegaz, Soyuzneftgaz East Ltd was founded in the beginning of 2007 in Uzbekistan. Operating company SNG Gissar Operating was founded to conduct oil-and-gas operations in contract territory.

The agreement envisages carrying out of exploration, development and operation of two oil and seven gas condensate deposits in Southwest Gissar and Ustyurt. The prospective volume of investments of the given project makes more than US$460 million. The company has received the license to carry out prospecting works for 5 years and for extraction of hydrocarbons - for 25 years. In total, project is for 36 years.