BAKU, Azerbaijan, July 24. Azerbaijan’s state oil company SOCAR and Uzbekistan’s Uzbekneftegaz have signed a production sharing agreement (PSA) with the government of Uzbekistan to explore, develop and produce at six investment blocks in the Ustyurt region, Trend reports via SOCAR.
The agreement, announced following a meeting in Tashkent on July 24, covers the Boyterak, Terengguduk, Birgori, Kharoy, Karakalpok and Kulboy blocks. SOCAR President Rovshan Najaf, Uzbekistan’s Energy Minister Jurabek Mirzamahmudov and Uzbekneftegaz Chairman Bakhodirjon Sidikov attended the signing.
Under the deal, SOCAR will act as the project operator during the initial phase, which will include geological exploration to identify promising areas. The plan calls for completing exploration work and drilling at least one exploration well within the first five years.
“This agreement opens up new opportunities for strategic cooperation in the energy sector and will benefit both sides,” SOCAR said.
Both parties expressed satisfaction with the expanding partnership, emphasizing that the deal marks a key milestone in strengthening energy ties between Azerbaijan and Uzbekistan.
