"Investment is currently being made in the promising Kandym and Gissar group projects," Vagit Alekperov said. "I am sure that these large projects, which according to our estimates will require around $5 billion more to complete, will produce over 12 billion cubic meters of gas in Uzbekistan."
Natural gas production at the fields was earlier estimated at around 9 billion cubic meters.
Alekperov said LUKoil had already invested $1.5 billion in Uzbekistan, describing the local climate for foreign investment as "positive."
LUKoil and the ex-Soviet republic's national holding company Uzbekneftegaz signed an agreement in 2001 to develop the Bukharo-Khivinskoye and Gissar oil and gas fields with estimated reserves of 250 billion cubic meters of gas and 10 million metric tons of liquid hydrocarbons.
The large gas field, Kandym, which opened in 1966 in the Bukhara Region, central Uzbekistan contains commercial gas reserves of 150-180 billion cubic meters.
"We are currently producing around 3 billion cubic meters of gas at the first asset at the Khauzak-Shady field," the businessman said.
He added that their Uzbekistan was also considering building a gas refinery.
LUKoil accounts for around 1.3% of global oil reserves and for some 2.3% of global oil output. Its share in Russian oil production and refining is 18% and 18%, respectively.