Tashkent: bp today confirmed its entry into a production sharing agreement (PSA) for six blocks in the North Ustyurt region of the Republic of Uzbekistan. The agreement encompasses the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy blocks.

According to Azerbaijan State News Agency, the agreements were signed in Tashkent during the 'Oil and Gas of Uzbekistan Conference - 2026'. The signatories included 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 Trkiye.

Jurabek Mirzamahmudov emphasized that the project signifies international investors' confidence in Uzbekistan's energy sector reforms, highlighting the political support from the countries' leadership. Rovshan Najaf noted the project's role in enhancing energy cooperation between Azerbaijan and Uzbekistan, facilitated by bp's longstanding partnership with SOCAR.

Gio Cristofoli expressed bp's enthusiasm for its inaugural project in Uzbekistan, aimed at fostering exploration and development of the country's oil and gas resources. He noted that bp's entry into the PSA aligns with its strategy to expand exploration and support long-term growth.

Abdugani Sanginov highlighted the collaboration's potential, pointing out that bp's involvement underscores the investment appeal of Uzbekistan's energy sector. The combined expertise of bp, SOCAR, and Uzbekneftegaz is expected to effectively harness the region's resource potential.

bp has secured a 40% stake in the PSA, acquiring 20% from each existing partner, SOCAR and Uzbekneftegaz. The current interests in the PSA are bp with 40%, and both Uzbekneftegaz and SOCAR holding 30% each, with SOCAR as the operator. The PSA was initially signed on 24 July 2025, and the project is in its first phase, focusing on seismic activities.