(WO) — bp has entered the North Ustyurt production sharing agreement (PSA) in Uzbekistan, acquiring a 40% participating interest in six exploration blocks alongside SOCAR and Uzbekneftegaz as the company expands its upstream exploration portfolio in Central Asia.
The agreement covers the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq and Qulboy blocks located in the North Ustyurt region of Uzbekistan.
Under the transaction, bp acquired a combined 40% participating interest from the existing partners, taking 20% each from SOCAR and Uzbekneftegaz. Following the deal, participating interests in the PSA are SOCAR 30% and operator, Uzbekneftegaz 30%, and bp 40%.
The agreements were signed in Tashkent during the Oil and Gas of Uzbekistan Conference 2026.
The PSA was originally signed in July 2025 between SOCAR, Uzbekneftegaz and Uzbekistan’s Ministry of Energy. The project is currently in its initial exploration phase, with SOCAR conducting seismic activities across the licence area.
“We are pleased to be entering our first project in Uzbekistan, alongside Uzbekneftegaz and our long-standing partner SOCAR,” said Gio Cristofoli, bp regional president for Azerbaijan, Georgia and Türkiye. “We believe Uzbekistan has significant resource potential and see this as an opportunity to support the exploration and development of the country’s oil and gas resources.”
Cristofoli added that the transaction supports bp’s strategy of expanding its exploration portfolio to support long-term organic growth.
Uzbek officials described the agreement as a sign of growing international investor confidence in the country’s energy sector reforms and upstream development strategy.
SOCAR President Rovshan Najaf said the project is expected to strengthen energy cooperation between Azerbaijan and Uzbekistan while leveraging the technical and operational experience of all three companies.
About The Author
