TASHKENT, Uzbekistan, December 29.
Uzbekneftegaz and Azerbaijan’s SOCAR took a good hard look at the
geological exploration progress at the Ustyurt investment blocks,
all under the umbrella of a Production Sharing Agreement (PSA),
Trend reports via the
Uzbek company.
The issue was discussed during a working meeting between the
Chairman of the Board of Uzbekneftegaz JSC, Akmal Sanginov, and
SOCAR Vice President Afag Javadova.
The stakeholders also engaged in dialogue regarding the
subsequent phase of the initiative to optimize hydrocarbon
extraction methodologies.
The leadership of both organizations conducted a thorough
evaluation of the advancements realized within the collaborative
initiative, which is being executed in accordance with strategic
accords, highlighting the punctual completion of designated
objectives.
Specifically, cutting-edge technologies are being deployed
extensively for the inaugural implementation in the region as a
component of seismic assessments. Certain implemented methodologies
are distinctly tailored to the Ustyurt region's specific contextual
parameters. This methodology enhances the velocity of geological
reconnaissance, optimizes the fidelity and precision of geophysical
datasets, and fosters the development of innovative technological
competencies and elevated benchmarks within Uzbekistan’s
hydrocarbon industry.
Subsequent to the convening, the stakeholders reached a consensus
to synergize on the forthcoming stages of the initiative and
guarantee the optimal execution of the outlined operational
strategies.
Meanwhile, in August 2024, Uzbekneftegaz and SOCAR signed a cooperation agreement in the hydrocarbon sector, launching geological studies on the Ustyurt Plateau, including seismic exploration and preparations for hydrocarbon production.
Furthermore, on July 24, 2025, the parties signed a Production Sharing Agreement (PSA), which provides for fully meeting Uzbekistan’s domestic oil needs for the next 25 years. The extracted gas will also be supplied to the domestic market, supporting the country’s industrial sector with affordable and high-quality petroleum products.
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