Tashkent, Uzbekistan (UzDaily.com) - Minister of Energy  of Uzbekistan Alisher Sultanov held a meeting with the British Ambassador to Uzbekistan Timothy Achilles on 4 February 2020, at which the implementation of investment projects in the oil and gas industry with the participation of British companies and organizations was discussed.

In particular, the parties are exploring the possibilities of conducting exploration work on investment blocks in the Republic of Uzbekistan (Aralamorsky, Samsko-Kosbulaksky and Baiterek) together with British Petroleum (Great Britain) and SOCAR (Azerbaijan).

As part of this cooperation, in May 2018, a Memorandum of Understanding was signed and in May 2019 - an Agreement on joint research to assess the exploration potential at three investment blocks in the Ustyurt region. Over the past time, a number of working meetings took place with the participation of specialists from the Ministry of Energy of the Republic of Uzbekistan, JSC Uzbekneftegaz, BP and SOCAR, and a number of stage agreements were reached.

In February 2020, Socar and British Petroleum experts are scheduled to arrive to discuss the main terms of the PSA agreement (“Production Sharing Agreement”).

As noted during the meeting by the Department of Energy, in order to achieve the effectiveness of the upcoming meeting, the British side is expected to accelerate the technical assessment of the joint project.

Representatives of the British diplomatic mission emphasized the growing interest on the part of investors of this country in promising projects being implemented in Uzbekistan.

The parties also discussed promising areas of cooperation.