BP has signed into a production sharing agreement (PSA) for six oil and gas exploration blocks in Uzbekistan’s North Ustyurt region, marking the company’s first entry into the Central Asian country’s upstream sector.
The agreement covers the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy blocks and was signed in Tashkent during the “Oil and Gas of Uzbekistan Conference – 2026.” The deal brings together BP, Azerbaijan’s state energy company SOCAR, and Uzbekistan’s state-owned Uzbekneftegaz.
Under the revised ownership structure, BP acquired a combined 40% participating interest from SOCAR and Uzbekneftegaz, each of which transferred 20% stakes. Following the transaction, BP will hold 40% of the PSA, while SOCAR and Uzbekneftegaz will each retain 30%. SOCAR remains the operator of the project.
The PSA was initially signed in July 2025 between SOCAR, Uzbekneftegaz, and Uzbekistan’s Ministry of Energy. The project is currently in its first phase, with seismic activities already underway.
BP said the move expands its global exploration portfolio and supports its strategy for long-term organic growth. Gio Cristofoli, BP’s regional president for Azerbaijan, Georgia and Türkiye, said the company sees “significant resource potential” in Uzbekistan and views the project as an opportunity to support development of the country’s oil and gas sector.
Uzbek officials framed the agreement as a sign of growing international investor confidence in the country’s energy reforms. Energy Minister Jurabek Mirzamahmudov said the partnership reflects Uzbekistan’s efforts to create more transparent and attractive conditions for foreign investment.
The deal also deepens energy cooperation between Azerbaijan and Uzbekistan, with SOCAR positioning the partnership as part of broader regional strategic ties. For BP, the project adds another foothold in the Caspian and broader Eurasian energy corridor, where the company already maintains extensive operations alongside SOCAR in Azerbaijan.
Uzbekistan has increasingly sought foreign investment to modernize and expand its upstream sector as the country works to offset declining gas output and rising domestic demand. International energy companies have shown renewed interest in Central Asian resources amid continued global concerns over energy security and supply diversification.
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