bp has signed a production sharing agreement (PSA) for six blocks in the North Ustyurt region of Uzbekistan.
The deal covers the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy blocks.
Under the new arrangement, bp has acquired a 40 per cent participating interest in the project, taking 20 per cent each from existing partners SOCAR and the state-owned Uzbekneftegaz.
Following the entry, SOCAR remains the operator with a 30 per cent stake, while Uzbekneftegaz retains the remaining 30 per cent.
Gio Cristofoli, bp regional president for Azerbaijan, Georgia and Türkiye, said: “We believe Uzbekistan has significant resource potential and see this as an opportunity to support the exploration and development of the country’s oil and gas resources, delivering long‑term benefits to the region.
“Our entry into this PSA is also a demonstration of bp further growing its exploration portfolio in support of long-term organic growth.”
Jurabek Mirzamahmudov, Minister of Energy of the Republic of Uzbekistan, hailed the agreement as a direct testament to international investor confidence in Uzbekistan’s recent economic reforms.
The nation has been working to create more transparent conditions for global players to help unlock its vast, yet largely untapped, deep-earth resources.
“The implementation of this project has been made possible by the strong political will and comprehensive support of our countries’ leadership, aimed at creating the most open and transparent conditions for global investors,” the minister said.
The project is currently in its initial phase, with SOCAR leading seismic surveys to map out the subsurface potential.
By bringing bp into the fold, the consortium aims to leverage the British major’s advanced deep-water technologies and technical expertise to maximise the efficiency of the North Ustyurt blocks.
Rovshan Najaf, President of SOCAR, said: “The involvement of bp, which has maintained close and efficient partnership relations with SOCAR for many years, will create broad opportunities to ensure effective joint operations within the project.
“We believe that the extensive experience of SOCAR and bp in the energy sector, along with the capabilities and efforts of Uzbekneftegaz, will make an important contribution to the successful implementation of the project, as well as to the development of the region’s energy potential.”
