bp has entered a production sharing agreement covering six exploration blocks in the North Ustyurt region of Uzbekistan, marking the company’s first project in the country and expanding its exploration portfolio across Central Asia. The agreement includes the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy blocks. It was signed in Tashkent during the Oil and Gas of Uzbekistan Conference 2026 by senior leaders from Uzbekistan’s Ministry of Energy, Uzbekneftegaz, SOCAR, and bp.
bp acquired a 40% participating interest in the PSA — 20% from SOCAR and 20% from Uzbekneftegaz. Following the transaction, the ownership structure is bp at 40%, Uzbekneftegaz at 30% and SOCAR at 30%, with SOCAR serving as operator. The PSA was originally signed in July 2025, and the project is currently in its first phase, with seismic activities underway.
Uzbekistan’s government emphasized that bp’s entry reflects growing international confidence in the country’s energy‑sector reforms and investment climate. SOCAR and Uzbekneftegaz highlighted the strategic importance of the partnership, noting that the collaboration strengthens regional energy cooperation and leverages the combined technical capabilities of all three companies. bp said the agreement aligns with its long‑term strategy to expand its exploration footprint and support the development of Uzbekistan’s oil and gas resources.
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“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
“bp’s accession to the 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.”
Jurabek Mirzamahmudov, Minister of Energy of the Republic of Uzbekistan
“The involvement of bp will create broad opportunities to ensure effective joint operations within the project. We believe that the extensive experience of SOCAR and bp, along with the capabilities of Uzbekneftegaz, will make an important contribution to unlocking the region’s resource potential.”
Rovshan Najaf, President of SOCAR
