SOCAR, bp and Uzbekneftegaz Advance Strategic Oil and Gas Development Partnership in Central Asia

SOCAR, bp and Uzbekneftegaz Advance Strategic Oil and Gas Development Partnership in Central Asia

(IN BRIEF) bp has entered a production sharing agreement covering six exploration blocks in Uzbekistan’s North Ustyurt region, marking the company’s first upstream project in the country. The agreement expands bp’s exploration portfolio and strengthens cooperation with SOCAR and Uzbekneftegaz. bp acquired a 40% participating interest in the PSA, while SOCAR remains operator with a 30% stake alongside Uzbekneftegaz. The project is currently in its initial seismic exploration phase and is expected to support long-term oil and gas resource development in Uzbekistan. Government and company representatives described the agreement as a sign of growing international confidence in Uzbekistan’s energy reforms and investment environment.

(PRESS RELEASE) LONDON, 13-May-2026 — /EuropaWire/ — bp has officially entered a production sharing agreement (PSA) covering six exploration blocks in the North Ustyurt region of Uzbekistan, marking the company’s first upstream project in the country and further expanding its international exploration portfolio.

The agreement includes the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy blocks located in the Ustyurt region, an area considered to hold significant oil and natural gas resource potential.

The agreements were signed in Tashkent during the Oil and Gas of Uzbekistan Conference 2026 by Jurabek Mirzamahmudov, Abdugani Sanginov, Rovshan Najaf, and Gio Cristofoli.

Under the revised ownership structure, bp has acquired a total 40% participating interest in the PSA through the purchase of 20% stakes from each of the existing partners, SOCAR and Uzbekneftegaz. Following the transaction, the ownership structure consists of bp holding 40%, Uzbekneftegaz 30%, and SOCAR 30%, with SOCAR continuing to serve as the project operator.

The production sharing agreement was originally signed in July 2025 between SOCAR, Uzbekneftegaz, and the Ministry of Energy of Uzbekistan. The project is currently in its initial phase, with seismic exploration activities already underway under SOCAR’s operational leadership.

Gio Cristofoli stated that bp sees considerable resource potential in Uzbekistan and views the agreement as an opportunity to support the long-term exploration and development of the country’s oil and gas resources. He also noted that the project reflects bp’s strategy of strengthening its global exploration portfolio to support long-term organic growth.

Uzbekistan’s Energy Minister, Jurabek Mirzamahmudov, described bp’s entry into the PSA as evidence of growing international investor confidence in Uzbekistan’s ongoing economic reforms and in the country’s strategy for developing its energy sector. He emphasized that the project was made possible through political support and efforts to create transparent and investor-friendly conditions for international energy companies.

Rovshan Najaf highlighted the strategic importance of the project for strengthening energy cooperation between Azerbaijan and Uzbekistan. He added that the longstanding partnership between SOCAR and bp, combined with the capabilities of Uzbekneftegaz, is expected to support efficient project execution and contribute to unlocking the region’s energy potential.

Abdugani Sanginov stated that bp’s participation further demonstrates the investment attractiveness of Uzbekistan’s energy sector. He noted that combining the expertise, technologies, and operational experience of the three companies is expected to accelerate the effective development of the North Ustyurt region’s hydrocarbon resources.

The agreement reflects Uzbekistan’s broader efforts to attract foreign investment into its energy industry while strengthening regional energy cooperation with international partners. The North Ustyurt region remains one of the country’s key frontier exploration areas for future oil and natural gas development.

SOURCE: BP p.l.c.