- bp acquired a 40% participating interest in the North Ustyurt PSA, taking 20% from SOCAR and 20% from Uzbekneftegaz.
- Post-entry ownership is bp 40%, Uzbekneftegaz 30% and SOCAR 30% with SOCAR as operator.
- The PSA covers six blocks: Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq and Qulboy.
- The PSA was originally signed on 24 July 2025 and the project is in phase one with SOCAR conducting seismic activities.
Deal overview
bp entered a production sharing agreement (PSA) for six North Ustyurt blocks — Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq and Qulboy — with the agreements signed in Tashkent on the sidelines of the "Oil and Gas of Uzbekistan Conference - 2026".
Ownership and operator
bp acquired a 40% participating interest by taking 20% from SOCAR and 20% from Uzbekneftegaz; post-entry interests are bp 40%, Uzbekneftegaz 30% and SOCAR 30%, with SOCAR as operator.
Project status
The PSA was originally signed on 24 July 2025; the project is in phase one and SOCAR, as operator, is conducting seismic activities.
Signatories
The agreement was signed by Jurabek Mirzamahmudov (Minister of Energy, Uzbekistan), Abdugani Sanginov (Chairman, Uzbekneftegaz), Rovshan Najaf (President, SOCAR) and Gio Cristofoli (bp regional president for Azerbaijan, Georgia and Türkiye).
