BAKU. May 13. UK oil and gas major BP Plc announced on Wednesday that it has joined a production sharing agreement (PSA) for six blocks in the North Ustyurt region of Uzbekistan that was previously signed by the State Oil Company of Azerbaijan Republic (SOCAR).
“BP has acquired a total 40% participating interest in the PSA – 20% from each of the existing partners SOCAR and Uzbekneftegaz,” BP in Azerbaijan said in a press release.
“The agreements were signed in Tashkent on the sidelines of the “Oil and Gas of Uzbekistan Conference – 2026″ by Jurabek Mirzamahmudov, Minister of Energy of the Republic of Uzbekistan; Abdugani Sanginov, Chairman of the Management Board of Uzbekneftegaz JSC; Rovshan Najaf, President of SOCAR; and Gio Cristofoli, BP’s regional president for Azerbaijan, Georgia and Turkey,” the press release said.
Following BP’s entry, the participating interests in the PSA are: BP 40%, Uzbekneftegaz 30% and SOCAR 30% (operator).
“The project is currently in its first phase, with SOCAR, as operator, undertaking seismic activities,” the press release says.
“We are pleased to be entering our first project in Uzbekistan, alongside Uzbekneftegaz and our long standing partner SOCAR. 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,” Gio Cristofoli was quoted as saying.
Ustyurt Operating Company, a joint venture between Uzbekneftegaz and SOCAR, opened an office in Tashkent in December 4. The current project was launched on the same day.
On July 24, 2025, Uzbekistan’s Energy Ministry, SOCAR, and Uzbekneftegaz signed a production-sharing agreement for geological exploration and subsequent hydrocarbon extraction in six investment blocks of the Ustyurt oil and gas region namely Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq and Qulboy.
According to forecasts, a field with oil reserves of 100 million tonnes and natural gas of 35 billion cubic meters could be found at the Ustyurt blocks. It is assumed that it would be possible to extract 5 million tonnes of oil annually after the launch of the project on the Ustyurt plateau.
In accordance with the terms and conditions of the PSA, there are plans to conduct 3D seismic exploration on at least 1,000 sq. km and, based on the results, launch geological exploration work on one well. If hydrocarbon deposits of industrial significance are discovered, then the parties will launch development and subsequent production.
Overall investments in the project are estimated at $2 billion.
