Gazprom to invest $101 mln in Kyrgyz oil, gas prospecting

Russian energy giant Gazprom plans to invest over three billion rubles ($101.32 million) in initial geological prospecting for oil and gas in Kyrgyzstan, Gazprom CEO Alexei Miller said on Wednesday.

“We plan that the investment volume in geological exploration will total no less than three billion rubles in the first phase,” Miller told reporters after talks with Kyrgyz Prime Minister Almazbek Atambayev.

Gazprom received licenses to explore the Kugart and Mailuu-Suu-4 deposits in 2008 but their development was suspended due to last year’s unrest in Kyrgyzstan. Gazprom also planned to acquire 75 percent plus one share in gas company Kyrgyzgaz in 2009.

In addition, Gazprom is interested in buying a stake in oil company Kyrgyzmunaizat, Miller said.

Kyrgyzstan’s gas reserves are estimated at 5.7 billion cubic meters as of the end of 2008, according to the U.S. Oil Gas Journal.

Atambayev also proposed that Gazprom build electricity power lines and a hydropower plant in the country.

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