Tashkent: Rovshan Najaf, President of the State Oil Company of the Republic of Azerbaijan (SOCAR), met with Jurabek Mirzamahmudov, Minister of Energy of the Republic of Uzbekistan, and Bakhodirjon Sidikov, Chairman of the Management Board of Uzbekneftegaz JSC. SOCAR informed APA-Economics about the meeting that took place in Tashkent.

According to Azeri-Press news agency, the meeting highlighted the growing cooperation between SOCAR and Uzbekneftegaz. The key focus was the signing of a Production Sharing Agreement (PSA) aimed at the exploration, development, and production of the ‘Ustyurt’ investment blocks. These blocks include Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy. The discussion also covered the prospects for future collaboration between the parties.

The PSA was officially signed between the Government of the Republic of Uzbekistan and the consortium formed by SOCAR and Uzbekneftegaz for developing the Ustyurt investment blocks. In the initial phase, the agreement outlines that geological exploration activities will be conducted to identify prospective areas, with SOCAR acting as the operator. The exploration phase, which includes drilling at least one exploration well, is expected to be concluded within an initial five-year period.

The signing of this agreement represents a new phase in strategic energy cooperation and is expected to bring mutual benefits to both parties involved.