Condor Signed Production Enhancement Contract with Uzbekistan

SEATTLE (Oil Monster): Canada-based Condor Energies Inc. signed a production enhancement contract with the Government of Uzbekistan with the aim of elevating the production and overall recovery rates from an integrated cluster of eight conventional natural gas-condensate fields in the country. The project will boost domestic natural gas supply, while lowering carbon emissions.

The production enhancement services will be conducted through its local subsidiary, in partnership with the national company, JSC “Uzbekneftegaz (“UNG”). All costs associated with the project will be borne by the company. In return, it will receive a percentage of net revenues realized from the project.

Condor expects to complete the environmental baseline audit and technical inspections at the earliest, so as to begin operations during the initial quarter of 2024.

Commenting on the development, Don Streu, President and CEO of Condor said that the company is honoured to be selected as UNG’s first Western strategic operating partner and that it is very much excited about this investment opportunity. The country’s government will benefit from taxes and royalties from the project. Also, it will provide immense opportunities for increased employment and skills-training, Streu noted.