TASHKENT, Uzbekistan, September 24. As part of a memorandum of cooperation in the field of personnel training signed between Uzbekneftegaz JSC and the State Oil Company of Azerbaijan (SOCAR), a group of employees from the Uzbek company visited Baku, Trend reports via Uzbekneftegaz.
During the internship on the topic “Risk Management in the Oil and Gas Business,” specialists from the financial and compliance control department got acquainted with SOCAR's risk management and financial control system for the first time. As part of the meetings and training sessions, the specialists also studied best practices in technological safety and compliance control and exchanged experiences with their Azerbaijani colleagues.
Following the internship, it is planned to further improve risk management processes at Uzbekneftegaz and gradually introduce international standards and practices. Such cooperation contributes not only to the professional development of personnel but also to the bilateral exchange of experience and the strengthening of strategic partnerships between companies.
In August 2024, Uzbekneftegaz and SOCAR signed a cooperation agreement in the hydrocarbon sector, which launched geological research, including seismic exploration and preparation for hydrocarbon production on the Ustyurt Plateau.
In addition, the parties signed a production sharing agreement (PSA) on July 24, 2025, which will ensure that Uzbekistan's domestic oil demand is fully met for the next 25 years. The gas produced will be directed to the domestic market, supporting local industry with affordable and high-quality petroleum products.