BP has secured a 40% participating stake in a production sharing agreement (PSA) for six oil and gas exploration blocks in Uzbekistan’s North Ustyurt region.
The agreement covers the Birqori, Boyterak, Kharoy, Qoraqalpoq, Qulboy and Terengquduq blocks.
The British oil major has obtained 20% each from existing partners SOCAR and Uzbekneftegaz.
This transaction adjusts the participating interests to 40% for BP, and 30% each for SOCAR and Uzbekneftegaz. SOCAR will serve as the operator.
The signing ceremony took place in Tashkent, coinciding with the Oil and Gas of Uzbekistan Conference – 2026.
Signatories included Uzbekistan Minister of Energy Jurabek Mirzamahmudov; Uzbekneftegaz chairman Abdugani Sanginov; SOCAR president Rovshan Najaf; and bp regional president for Azerbaijan, Georgia and Türkiye Gio Cristofoli.
Cristofoli said: “We are pleased to be entering our first project in Uzbekistan, alongside Uzbekneftegaz and our long‑standing partner SOCAR.
“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, delivering long‑term benefits to the region.
“Our entry into this PSA is also a demonstration of bp further growing its exploration portfolio in support of long-term organic growth.”
Originally signed on 24 July 2025, the PSA marked its initial phase with SOCAR conducting seismic activities.
The agreement initially involved SOCAR, Uzbekneftegaz and Uzbekistan’s Ministry of Energy.
Najaf said: “This project, which will make a significant contribution to the development of energy cooperation between Azerbaijan and Uzbekistan, is a clear manifestation of the relations between our brotherly countries based on mutual trust, shared interests and long-term strategic goals.
“The involvement of bp, which has maintained close and efficient partnership relations with SOCAR for many years, will create broad opportunities to ensure effective joint operations within the project.
“We believe that the extensive experience of SOCAR and bp in the energy sector, along with the capabilities and efforts of Uzbekneftegaz, will make an important contribution to the successful implementation of the project, as well as to the development of the region’s energy potential.”
Last month, bp signed an agreement through a subsidiary to acquire a 60% stake in three of Eco (Atlantic) Oil & Gas’ petroleum exploration licences offshore Namibia.
