TASHKENT, Uzbekistan, October 22. The Chairman of the Board of JSC Uzbekneftegaz held a meeting with the President of the State Oil Company of the Republic of Azerbaijan (SOCAR) to discuss the implementation of the Production Sharing Agreement (PSA) for geological exploration on the Ustyurt Plateau and measures to accelerate field operations, Trend reports.
The meeting took place as part of Uzbekistan’s participation in the International Exhibition and Conference “Turkmenistan Oil and Gas – 2025” (OGT-2025).
Following the talks, both parties agreed on a set of measures aimed at accelerating fieldwork, ensuring the necessary technical and logistical resources, and increasing the efficiency of the current stage of the project.
The sides also agreed on areas to deepen cooperation in implementing artificial intelligence tools, digital solutions, and automated management systems. These initiatives are expected to enhance production efficiency, optimize costs, and ensure environmental sustainability.
In August 2024, Uzbekneftegaz and SOCAR signed a cooperation agreement in the hydrocarbon sector, which initiated geological surveys, including seismic exploration and preparation for hydrocarbon extraction on the Ustyurt Plateau.
Additionally, on July 24, 2025, the parties signed a Production Sharing Agreement (PSA) that will ensure Uzbekistan meets its domestic oil demand for the next 25 years. The extracted gas will be directed to the domestic market, supporting local industry with accessible and high-quality petroleum products.