BP acquires stake in North Ustyurt production sharing contract in Uzbekistan

BP has acquired a 40% stake in the North Ustyurt production sharing contract in Uzbekistan, expanding its upstream presence in Central Asia.

The project includes six exploration blocks: Birqori, Boyterak, Kharoy, Qoraqalpoq, Qulboy and Terengquduq. Under the agreement, BP has purchased 20% stakes each from Uzbekneftegaz and the State Oil Company of Azerbaijan Republic (SOCAR), while SOCAR, acting as operator, and Uzbekneftegaz each retain 30%,  News.Az reports, citing Rigzone.

BP said the project is currently in its early phase, with seismic work being carried out by SOCAR. The company described its entry as its first project in Uzbekistan and part of its broader strategy to expand its exploration portfolio.

Gio Cristofoli, BP president for Azerbaijan, Georgia and Türkiye, said the investment reflects confidence in Uzbekistan’s resource potential and represents an opportunity to support long-term oil and gas development in the country.

“We are pleased to be entering our first project in Uzbekistan, alongside Uzbekneftegaz and our long-standing partner SOCAR,” he said, adding that the deal supports BP’s goal of growing its upstream production base.

Uzbek officials said the agreement reflects international investor confidence in ongoing energy sector reforms. Uzbekneftegaz leadership also said the cooperation with BP and SOCAR would help improve efficiency in developing the region’s resources.

BP continues to expand its oil and gas operations across Asia, where it already holds assets in multiple countries including Azerbaijan, India, Iraq and Oman. The company aims to increase upstream production to between 2.3 and 2.5 million barrels of oil equivalent per day by 2030 as part of its long-term investment strategy.

News.Az 

By Leyla Şirinova