Uzbekistan is set to offer new incentives to encourage international investors to pare up with state oil and gas producer Uzbekneftegaz to explore and develop small to mid-sized oilfields with conventional and hard-to-recover reserves.

According to documents rubber-stamped by the country’s president and the government, investors and contractors have been invited to enter into joint ventures with state-owned companies to deploy the latest international oilfield recovery technologies to help boost output.

The documents state that joint venture agreements will contain a base production level, with investors having the right to sell all output above this level and repatriate their earnings.