OREANDA-NEWS. November 02, 2011. Oil Exploration Operations Company (OEOC, Iran) signed an agreement with Korea National Oil Corporation (KNOC) to carry out two dimensions seismic operations at Fergana Field in Uzbekistan.

Iranian company said it won a tender, announced in the end of 2010, on carrying out operations in 1200 square kilometers area in the framework of a US million contract in Western-Ferghana and Chinabad investment blocks.

The Iranian company will carry out prospecting seismology works till the end of 2012 within the contract with KNOC.

KNOC and Uzbekneftegaz signed agreement on main principles of joint studying Western-Ferghana and Chinabad investment blocks in Ferghana region in May 2010. The volume of investments in 2010-2014 will make up US.4 million. The first phase of geologic exploration works will make up three years.

KNOC and Uzbekneftegaz also inked a protocol on coming into force to hold exploration works on two blocks in Ferghana region – Chust-Pap and Namangan-Tergachin.

The programme is designed for five years and envisages that the Korean company will invest US million. Korean company created operational company KNOC Fergana Operating Company to implement the project.