Lukoil Uzbekistan Supply and Trading Ltd, which owns a number of gas fields in Uzbekistan, paid the Uzbek state $103.1 million for 6 months of 2023 under the production sharing agreement.
According to the state budget report for H1 2023, published by the Ministry of Economy and Finance, this amount was converted into national currency and transferred to state budget revenues (1 trillion 213.8 million soums).
This is the first disclosure of funds paid to the state by companies owning gas fields in Uzbekistan under production sharing agreements (PSAs). However, the ministry's report does not disclose proceeds from contracts with companies other than Lukoil.
In February 2023, as per the information provided by Energy Minister Jurabek Mirzamakhmudov, a joint venture with the Russian company Lukoil will produce natural gas, condensate and sulfur from 13 fields in Uzbekistan. According to the PSA, 50% of the profits from the enterprise's activities will belong to Lukoil, and 50% to the state.
Also reportedly, 55% of the final profit will belong to the Uzbek state, and 45% to the Russian company, due to the fact that Uzbekneftegaz has a 10% share as an investor in the joint venture.
At the beginning of the year, it also became known that 295 oil and gas fields have been discovered in Uzbekistan, 60% of which belong to joint ventures and foreign companies.
