(WO) — bp has entered the North Ustyurt manufacturing sharing settlement (PSA) in Uzbekistan, buying a 40% taking part curiosity in six exploration blocks alongside SOCAR and Uzbekneftegaz as the corporate expands its upstream exploration portfolio in Central Asia.
The settlement covers the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq and Qulboy blocks positioned within the North Ustyurt area of Uzbekistan.
Underneath the transaction, bp acquired a mixed 40% taking part curiosity from the prevailing companions, taking 20% every from SOCAR and Uzbekneftegaz. Following the deal, taking part pursuits within the PSA are SOCAR 30% and operator, Uzbekneftegaz 30%, and bp 40%.
The agreements have been signed in Tashkent in the course of the Oil and Gasoline of Uzbekistan Convention 2026.
The PSA was initially signed in July 2025 between SOCAR, Uzbekneftegaz and Uzbekistan’s Ministry of Power. The venture is at the moment in its preliminary exploration section, with SOCAR conducting seismic actions throughout the licence space.
“We’re happy to be coming into our first venture in Uzbekistan, alongside Uzbekneftegaz and our long-standing accomplice SOCAR,” stated Gio Cristofoli, bp regional president for Azerbaijan, Georgia and Türkiye. “We imagine Uzbekistan has vital useful resource potential and see this as a chance to help the exploration and improvement of the nation’s oil and fuel sources.”
Cristofoli added that the transaction helps bp’s technique of increasing its exploration portfolio to help long-term natural development.
Uzbek officers described the settlement as an indication of rising worldwide investor confidence within the nation’s power sector reforms and upstream improvement technique.
SOCAR President Rovshan Najaf stated the venture is predicted to strengthen power cooperation between Azerbaijan and Uzbekistan whereas leveraging the technical and operational expertise of all three firms.
