By 2015 almost $2 billion should be invested by foreign companies in the Uzbek oil and gas sector

Foreign companies involved in exploration in Uzbekistan plan to invest over US$1.9 billion over 2010-2015, Itar-Tass reported citing Gaibulla Abdullayev, head of Uzbekistan's institute of geology and exploration of oil and gas deposits of the Uzbekneftegaz. The biggest investors cited were Russia's Lukoil, Gazprom, PetroAlliance, CNPC International (China), Korea National Oil Corporation (South Korea), and Petronas Carigali Overseas (Malaysia), he said. The growth of hydrocarbons production by foreign companies in Uzbekistan grew by 39 per cent over the previous year. The production is expected to reach 50 per cent by 2015, forecasts say.

Over 2006-2009, foreign investments from joint and foreign companies in oil and gas exploration in Uzbekistan made up $1.12 billion. Uzbekistan has specified 47 investment blocks, and foreign exploration companies got licenses for 26 of them. Uzbekistan is ranked eleventh steadily in natural gas production.