British bp Joins North Ustyurt Oil and Gas Project in Uzbekistan

Tashkent, Uzbekistan (UzDaily.com) — British energy company bp has officially joined the production sharing agreement for the North Ustyurt oil and gas project in Uzbekistan, covering six hydrocarbon blocks in the Republic of Karakalpakstan. The documents were signed in Tashkent during the international “Oil and Gas of Uzbekistan – OGU 2026” conference.

The agreement covers the Boyterak, Terengkuduk, Birkori, Haroy, Karakalpak, and Kulboy blocks. The signing ceremony was attended by Uzbekistan’s Energy Minister Jurabek Mirzamakhmudov, Chairman of the Board of Uzbekneftegaz Uzbekneftegaz Abdugani Sanginov, President of SOCAR SOCAR Rovshan Najaf, and bp Regional President for Azerbaijan, Georgia and Türkiye Gio Cristofoli.

Under the deal, bp acquired a 40% participating interest in the project, purchasing 20% each from SOCAR and Uzbekneftegaz. Following the transaction, the ownership structure is: bp 40%, SOCAR 30% as operator, and Uzbekneftegaz 30%.

This marks bp’s first project in Uzbekistan. The company said it views participation as an opportunity to support exploration and development of the country’s oil and gas resources. Gio Cristofoli said Uzbekistan has significant resource potential and described the project as aligned with bp’s long-term organic growth strategy and expansion of its exploration portfolio.

Energy Minister Jurabek Mirzamakhmudov said the project’s implementation was made possible by leadership support in the participating countries and policies creating open conditions for international investors. He said bp’s entry demonstrates global investor confidence in reforms in Uzbekistan’s energy sector.

SOCAR President Rovshan Najaf said the project will further strengthen energy cooperation between Azerbaijan and Uzbekistan, adding that the long-standing partnership between SOCAR and bp supports efficient project implementation and development of regional resource potential.

Cristofoli said: “We are pleased to begin our first project in Uzbekistan alongside Uzbekneftegaz and our long-standing partner SOCAR. We believe Uzbekistan has significant resource potential and view this project as an opportunity to support exploration and development of oil and gas resources, delivering long-term benefits for the region. Our participation in this PSA also demonstrates the continued expansion of bp’s exploration portfolio as part of our long-term organic growth strategy.”

Chairman of Uzbekneftegaz Abdugani Sanginov said bp’s involvement confirms the investment attractiveness of Uzbekistan’s oil and gas sector, adding that combining national expertise with bp and SOCAR technologies will enhance exploration efficiency in the Ustyurt region.

The initial production sharing agreement for North Ustyurt was signed on July 24, 2025, between the Ministry of Energy of Uzbekistan, SOCAR, and Uzbekneftegaz. The project is currently at an early stage, with SOCAR as operator conducting seismic surveys across licensed blocks.