Tashkent, Uzbekistan (UzDaily.com) — The Government of Uzbekistan is preparing to sign a Production Sharing Agreement (PSA) with the State Oil Company of Azerbaijan Republic (SOCAR), Minister of Energy Jurabek Mirzamakhmudov announced in an interview with the “Uzbekistan 24” TV channel, following a presidential meeting held on 21 July.

During the meeting, President Shavkat Mirziyoyev reviewed a presentation on the progress of joint oil and gas projects with international partners. A key highlight was the planned cooperation with SOCAR on the exploration and extraction of hydrocarbons in the Ustyurt region.

The parties have reached an agreement to conduct joint geological exploration on promising fields and to finalize a PSA. The minister noted that preparation of the relevant documentation package is nearing completion. The agreement with SOCAR is expected to be signed by the end of this week.

President Mirziyoyev instructed officials to accelerate the implementation of the reached agreements, develop a phased action plan through the end of 2025 and beyond, and eliminate excessive bureaucratic barriers in cooperation with foreign partners.

Bahodir Sidikov, CEO of Uzbekneftegaz, confirmed that the draft PSA has been prepared, its main provisions have been agreed with SOCAR, and the document has been submitted for presidential review. According to him, signing the PSA with the Azerbaijani side will be a significant step forward, opening up new opportunities for the development of Uzbekistan’s oil and gas sector.