On October 15, CNPC and Uzbek National Holding Company Uzbekneftegaz signed an agreement at Tashkent on the creation of a joint venture, Mingbulakneft, to jointly develop Mingbulak oilfield, in Namangan region, Uzbekistan.
The two companies had signed an agreement on principles for the joint exploration and development of the Mingublak Oilfield in April 2007.
The Mingbulak Oilfield, located at the north edge of the Fergana Basin, was discovered in 1992. Its oil and gas reservoirs are buried at a depth of over 5,000 meters, with more than 30 million tons of recoverable reserves and two million tons of potential annual production capacity.