bp joins Ustyurt PSA with 40% stake
- bp acquired a 40% participating interest in the Ustyurt PSA, buying 20% from SOCAR and 20% from Uzbekneftegaz.
- Post-acquisition ownership: bp 40%, SOCAR 30% (operator), Uzbekneftegaz 30%.
- An initial PSA between the SOCAR‑Uzbekneftegaz Consortium and the Government was signed on July 24, 2025.
- The project is at an early stage, with SOCAR (operator) conducting seismic surveys.
Accession and signatories
On 13 May 2026 during OGU 2026 in Tashkent, documents were signed formalising bp's accession to the Production Sharing Agreement for the Ustyurt investment blocks; signatories included SOCAR President Rovshan Najaf, Uzbekistan's Minister of Energy Jurabek Mirzamakhmudov, Uzbekneftegaz Chairman Abdugani Sanginov, and Giovanni Cristofoli of bp.
Ownership structure
bp acquired a 40% participating interest—20% from SOCAR and 20% from Uzbekneftegaz—resulting in bp 40%, SOCAR 30% (operator), and Uzbekneftegaz 30%.
Background and current activities
The accession follows a PSA signed on July 24, 2025 between the SOCAR‑Uzbekneftegaz Consortium and the Government of Uzbekistan; the project is at an early stage with SOCAR conducting seismic survey activities across the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq and Qulboy blocks.
Source: SOCAR