TASHKENT, Aug 30: Uzbekistan and an international consortium of investors from Russia, South Korea, China and Malaysia on Wednesday signed a production-sharing agreement to explore and develop energy resources under the Uzbek part of the Aral Sea.

After a year of negotiations, Uzbekneftegaz, Russia’s Lukoil, Malaysia’s Petronas, South Korea’s National Oil Corporation (KNOC) and the China National Petroleum Corporation (CNPC) signed a deal to develop the promising and little-explored part of the Aral Sea.

The members of the consortium, created in Sept 2005, hold equal shares in the project, according to Uzbek energy officials.

The first of the project’s two stages, which will run from 2007-2010, will devote about $99 million to seismic surveys and the drilling of two exploration wells, officials said.

The second stage will devote an additional $200 million to further drilling and exploration. —AFP