A production sharing agreement (PSA) was signed between Uzbekneftegaz, Azerbaijan’s SOCAR, and British Petroleum (BP) during the Oil and Gas of Uzbekistan - 2026 international conference, the Ministry of Energy said.
The signing ceremony was attended by Minister of Energy Jurabek Mirzamahmudov, Chairman of the Board of Uzbekneftegaz Abdugani Sanginov, SOCAR President Rovshan Najaf, and BP’s Regional President for Azerbaijan, Georgia, and Turkei,e Giovanni Cristofoli.
The production sharing agreement covers the Boyterak, Terengkuduk, Birqori, Haroy, Qoraqalpoq, and Qulboy investment blocks, located in the Ustyurt region of Karakalpakstan.
"This project marks our company's first initiative in Uzbekistan, executed in partnership with Uzbekneftegaz and SOCAR. Boasting massive resource potential, this project will facilitate oil and gas exploration and development, creating long-term value. Additionally, this production sharing agreement represents an important expansion of BP’s exploration portfolio and aligns with its long-term growth strategy," the ministry noted in its statement.
The project equity is allocated as follows: BP holds a 40% stake, while SOCAR and Uzbekneftegaz each hold 30%.
For context: SOCAR and Uzbekneftegaz previously signed an agreement on exploration, development, and production sharing on July 24, 2025, to conduct geological exploration across investment blocks in Uzbekistan. Estimates indicate that the project could unlock reserves of up to 100 million tons of oil and 35 billion cubic meters of gas. The planned investment volume is valued at $2 billion.
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