Tashkent: The State Oil Company of Azerbaijan (SOCAR), acting as the operator for the Ustyurt geological exploration project in Uzbekistan, has announced that the seismic data processing will be completed in the first quarter of 2027. This announcement comes in response to an inquiry from AZERTAC regarding the project's progress.

According to Azerbaijan State News Agency, SOCAR highlighted that due to the extensive volume of seismic data collected, it would take until 2027 to complete the processing. The company further stated that the specific figures on geological reserves will only be disclosed after the data has been fully analyzed.

SOCAR has indicated that once the seismic data processing and interpretation phase is finalized, they will commence planning for the first exploration well. The company has assured that following a comprehensive analysis of the data, updates on the project will be disclosed to the media.

The project, which is currently in its initial phase, involves a production sharing agreement (PSA) for six blocks in the North Ustyurt region of Uzbekistan. This agreement was originally signed on 24 July 2025 between SOCAR, Uzbekneftegaz, and the Ministry of Energy of Uzbekistan. SOCAR, serving as the operator, is conducting the seismic activities in the region.

Following bp's entry into the project, the participating interests in the PSA are divided as follows: bp holds a 40% stake, while Uzbekneftegaz and SOCAR each hold a 30% stake, with SOCAR acting as the operator.