bp has formally entered the North Ustyurt Production Sharing Agreement (PSA) in Uzbekistan, marking the company’s first upstream project in the Central Asian nation and strengthening its long-term exploration portfolio in the region. The agreement covers six exploration blocks in the North Ustyurt region, including Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy.
The development represents a major step in Uzbekistan’s efforts to expand international participation in its oil and gas sector while accelerating exploration activities across strategically important hydrocarbon regions. The agreements were signed in Tashkent during the Oil and Gas of Uzbekistan Conference 2026 by representatives from the Ministry of Energy of the Republic of Uzbekistan, Uzbekneftegaz, SOCAR, and bp.
Under the revised ownership structure, bp has acquired a 40% participating interest in the PSA through equal stakes transferred from SOCAR and Uzbekneftegaz. Following the transaction, the project ownership structure comprises bp with 40%, Uzbekneftegaz with 30%, and SOCAR retaining 30% while continuing as project operator.
The original PSA was signed in July 2025 between SOCAR, Uzbekneftegaz, and Uzbekistan’s Ministry of Energy. The project is currently in its initial exploration phase, with seismic studies and subsurface assessments already underway under SOCAR’s operational leadership.
The North Ustyurt region is considered one of Uzbekistan’s strategically significant hydrocarbon basins with substantial untapped resource potential. Industry experts view the entry of global energy companies into the basin as an important development for regional exploration activity and long-term energy sector expansion.
Gio Cristofoli, bp’s regional president for Azerbaijan, Georgia and Türkiye, said the agreement represents an important milestone for the company’s regional exploration strategy and reflects confidence in Uzbekistan’s resource potential and investment environment. He noted that the partnership with SOCAR and Uzbekneftegaz creates an opportunity to support exploration and development activities while contributing to long-term energy growth in the region.
Uzbekistan’s Minister of Energy, Jurabek Mirzamahmudov, stated that bp’s entry into the PSA demonstrates growing international investor confidence in Uzbekistan’s economic reforms and the government’s efforts to create a transparent and attractive investment framework for global energy companies.
SOCAR President Rovshan Najaf highlighted the strategic importance of the project in strengthening energy cooperation between Azerbaijan and Uzbekistan. He said the partnership reflects growing regional collaboration based on long-term industrial and economic interests.
Najaf added that the combined technical capabilities and operational experience of SOCAR, bp, and Uzbekneftegaz are expected to support efficient development of the North Ustyurt region’s energy resources.
Abdugani Sanginov, Chairman of the Management Board of Uzbekneftegaz, said bp’s participation reinforces Uzbekistan’s position as an attractive destination for energy investment and advanced exploration technologies. The project comes at a time when Uzbekistan is increasing efforts to modernize its energy sector, attract foreign investment, and diversify exploration partnerships across upstream oil and gas operations.
For bp, the agreement supports its broader strategy of expanding exploration opportunities and strengthening its long-term production portfolio across key international markets. The company continues to grow its upstream operations through partnerships, exploration investments, and resource development projects across multiple global energy regions, while also pursuing investments linked to energy transition and lower-carbon initiatives.
