bp enters North Ustyurt PSA in Uzbekistan

bp has officially confirmed its participation in a production sharing agreement (PSA) covering six exploration blocks in the North Ustyurt region of the Uzbekistan.

The agreement includes the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy blocks.

The agreements were signed in Tashkent during the Oil and Gas of Uzbekistan Conference 2026 by Jurabek Mirzamahmudov, Minister of Energy of Uzbekistan; Abdugani Sanginov, Chairman of the Management Board of Uzbekneftegaz JSC; Rovshan Najaf, President of SOCAR; and Gio Cristofoli.

"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."

- Gio Cristofoli, bp regional president for Azerbaijan, Georgia and Türkiye

Jurabek Mirzamahmudov, Minister of Energy of the Republic of Uzbekistan, said: “The implementation of this project has been made possible by the strong political will and comprehensive support of our countries’ leadership, aimed at creating the most open and transparent conditions for global investors. bp’s accession to the Production Sharing Agreement (PSA) in the Ustyurt region is not merely a commercial agreement, but a direct testament to international investors’ confidence in the reforms being carried out in Uzbekistan and in our strategic course toward the development of the energy sector”.

Rovshan Najaf, President of SOCAR, 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.” 

Gio Cristofoli, bp regional president for Azerbaijan, Georgia and Türkiye, 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.” 

Abdugani Sanginov, Chairman of the Management Board of Uzbekneftegaz, said: “The involvement of a global player such as bp in the exploration of the North Ustyurt blocks confirms the high investment attractiveness of Uzbekistan’s energy sector. We are confident that combining our experience with the advanced technologies and expertise of bp and SOCAR will enable us to unlock the region’s resource potential with maximum efficiency.”

bp has acquired a combined 40% participating interest in the production sharing agreement (PSA), with 20% transferred from each of the existing partners, SOCAR and Uzbekneftegaz.

Following bp’s entry into the project, the ownership structure of the PSA now stands at: bp with 40%, Uzbekneftegaz with 30%, and SOCAR with 30%, with SOCAR continuing as the operator.

The PSA was initially signed on 24 July 2025 by SOCAR, Uzbekneftegaz, and the Ministry of Energy of the Uzbekistan. The project is currently in its first phase, during which SOCAR, as operator, is carrying out seismic exploration activities.