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On 13 May 2026, during the “The 28th International Oil and Gas Exhibition and Conference of Uzbekistan” (OGU 2026) in Tashkent, documents were signed on the accession of bp to the Production Sharing Agreement (PSA) for the exploration, development and production of the Ustyurt investment blocks.
The documents, covering the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq and Qulboy blocks, were signed by SOCAR President Rovshan Najaf, Minister of Energy of the Republic of Uzbekistan Jurabek Mirzamakhmudov, Chairman of the Board of Uzbekneftegaz Abdugani Sanginov, and Giovanni Cristofoli, Regional President for Azerbaijan, Georgia and Türkiye at bp.
Under the agreement, bp has acquired a total 40% participating interest in the project, in which SOCAR acts as operator. Of this share, 20% was acquired from SOCAR and 20% from Uzbekneftegaz. Under the new agreement, SOCAR will hold a 30% participating interest, Uzbekneftegaz 30%, and bp 40%.
The agreement follows the signing of a Production Sharing Agreement on July 24, 2025, between SOCAR-Uzbekneftegaz Consortium, and the Government of the Republic of Uzbekistan for the exploration, development, and production of the Ustyurt investment blocks in Uzbekistan.
The project is currently at an early stage, with SOCAR, as operator, carrying out seismic survey activities.
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