BP Enters Uzbekistan Gas Exploration PSA With SOCAR, Uzbekneftegaz

BP signed a production sharing agreement for six oil and gas exploration blocks in Uzbekistan’s North Ustyurt region, marking its first upstream entry into the country and expanding its Eurasian exploration footprint. The agreement covers the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq and Qulboy blocks. BP acquired a 40% participating interest, with SOCAR and Uzbekneftegaz each transferring 20%. SOCAR and Uzbekneftegaz will each retain 30%, while SOCAR remains project operator. The PSA was first signed in July 2025 by SOCAR, Uzbekneftegaz and Uzbekistan’s Ministry of Energy. The project is in its first phase, with seismic work underway. BP said the deal supports long-term organic growth, while Uzbek officials said it reflects efforts to attract foreign capital as the country seeks to offset declining gas output and rising domestic demand.