China National Petroleum Corp. has signed an agreement with Uzbekistan's state-owned Uzbekneftegaz to jointly invest in and develop an oil field in the central Asian country, CNPC said Monday.
The project will help meet Uzbekistan's demand for oil and support the Turkmenistan-China natural gas pipeline project, which will pass through Uzbekistan, CNPC said in a statement posted on its Web site.
CNPC plans to produce 2 million metric tons of crude oil a year, or 40,164 barrels a day, at the field in the Ferghana Valley, which has recoverable reserves of over 30 million tons, it said.
The two companies signed an agreement in April 2007 to jointly explore the field, it added.
CNPC didn't quantify the investment size or elaborate how they will share products.