LUKOIL acquires 8 Uzbek gas fields

Russian oil major LUKOIL (LKOH.MM) said on Friday it will acquire control of 8 gas fields in Uzbekistan with reserves of 100 billion cubic meters from another firm, SoyuzNefteGaz.

“The planned production is about 3 billion cubic meters of gas per annum. This level is expected to be attained in 4 years. Gas is to be exported via Gazprom (GAZP.MM) trunk pipelines,” LUKOIL said in a statement.

Implementation of the project, which was agreed on for a 36-year period as of April 23, 2007, will require roughly $700 million in investment, the statement said. (Reuters)