BAKU, Azerbaijan, May 13. bp today confirmed
its entry into a production sharing agreement (PSA) for six blocks
in the North Ustyurt region of the Republic of Uzbekistan, Trend
reports.
The agreement includes the Boyterak, Terengquduq, Birqori,
Kharoy, Qoraqalpoq and Qulboy blocks.
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
Türkiye.
Jurabek Mirzamahmudov, Minister of Energy of the Republic of
Uzbekistan, said: “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. bp’s accession to the
Production Sharing Agreement (PSA) in the Ustyurt region is not
merely a commercial agreement, but a direct testament to
international investors’ confidence in the reforms being carried
out in Uzbekistan and in our strategic course toward the
development of the energy sector”.
Rovshan Najaf, President of SOCAR, said: “This project, which
will make a significant contribution to the development of energy
cooperation between Azerbaijan and Uzbekistan, is a clear
manifestation of the relations between our brotherly countries
based on mutual trust, shared interests, and long-term strategic
goals.
“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.”
Gio Cristofoli, bp regional president for Azerbaijan, Georgia
and Türkiye, said: “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.”
Abdugani Sanginov, Chairman of the Management Board of
Uzbekneftegaz, said: “The involvement of a global player such as bp
in the exploration of the North Ustyurt blocks confirms the high
investment attractiveness of Uzbekistan’s energy sector. We are
confident that combining our experience with the advanced
technologies and expertise of bp and SOCAR will enable us to unlock
the region’s resource potential with maximum efficiency.”
bp has acquired a total 40% participating interest in the PSA –
20% from each of the existing partners SOCAR and Uzbekneftegaz.
Following bp’s entry, the participating interests in the PSA are:
bp 40%, Uzbekneftegaz 30% and SOCAR 30% (operator).
The PSA was originally signed on 24 July 2025 between SOCAR,
Uzbekneftegaz and the Ministry of Energy of the Republic of
Uzbekistan. The project is currently in its first phase, with
SOCAR, as operator, undertaking seismic activities.
