LUKOIL expects restoration of gas production in Uzbekistan before the end of 2020, Sputnik quotes the company’s Vice President Pavel Zhdanov as saying.
According to him, while maintaining production at the current level until the end of the year, the total volume for 2020 will be about 7 billion cubic meters.
Zhdanov hopes that such a pessimistic scenario will not prove real, and that production and sales volumes will recover.
“We invested $9.9 billion in the project in Uzbekistan, including administrative expenses. Today, about $8 billion has been compensated,” he added.
LUKOIL’s report stated that the company has reduced gas production in Uzbekistan to about 40% of its design capacity since February due to low gas demand from China, which affected the company’s total hydrocarbon production in the first quarter of 2020.