BAKU, Azerbaijan, Feb.5
By Ilkin Seyfaddini – Trend:
High-rank representatives from BP and Azerbaijan state oil company SOCAR will visit Uzbekistan in February to discuss potential production sharing agreements to develop local hydrocarbon deposits, Trend reports referring to Uzbekistan’s Energy Ministry.
Uzbekistan, keen to attract foreign investments to tap its large natural gas reserves, has been in talks with British Petroleum and SOCAR about the Uzbek section of the Aral Sea, Samsko-Kosbulak and Bayterek investment blocks of the Ustyurt region, the message said.
Uzbekistan produces about 60 billion cubic meters of gas per year, exporting some of its output via pipelines to China and Russia.
In 2019, Uzbekneftegaz (state-owned oil and gas company of Uzbekistan), BP and SOCAR signed two memorandums to explore the possibility of conducting joint exploration and development of fields in Uzbekistan; in 2018, a memorandum of understanding aiming to explore the possibilities of exploration in the investment blocks of Uzbekistan was signed.
Furthermore, SOCAR and Uzbekneftegaz reached an agreement on joint oil and gas operations in Azerbaijan and Uzbekistan, as well as in third countries, in June 2017.
In 2016, SOCAR and Uzbekneftegaz signed a memorandum on cooperation in the field of exploration and development of oil and gas fields and other potential areas for the development of the energy sector.
According to the State Statistics Committee, oil production in Uzbekistan decreased by 2.4 percent to 640,000 tons in 2019 compared with 2018, and natural gas production decreased by 7.8 percent to 54,301 million cubic meters.
