Uzbekneftegaz, the Uzbek national oil and gas holding company, has signed a joint development contract with the Lukoil and Itera companies for developing oil and gas fields in Uzbekistan. Under the terms of the contract, the companies will share development of oil and gas fields in the Bukhara-Khivinsky and Gissarsky regions as well as conduct geological exploration throughout Uzbekistan. The fuel reserves involved in the project are estimated at 250 billion cubic metres of gas and 10 million tons of liquid hydrocarbons. The maximum volume of gas extraction will reach between 8 and 10 billion cubic metres a year. The capital investment needed to take the fields up to their projected capacity amounts to USD 750 million. The contract covers the next 25 years of field development and can be extended by another 10 years.