Uzbekistan’s Energy Ministry, the State Oil Company of the Azerbaijan Republic (SOCAR), and Uzbekneftegaz signed a Production Sharing Agreement (PSA) on Thursday for the exploration and subsequent production of hydrocarbons in investment blocks located in the Ustyurt oil and gas region.
Today (24th July) SOCAR President, Rovshan Najaf held a meeting with Uzbekistan's Minister of Energy, Jurabek Mirzamahmudov, and Uzbekneftegaz CEO, Bakhodirjon Sidiqov, which was resulted in signing the agreement on the exploration, development and production of the "Üstyurt" investment blocks in Uzbekistan, including Boyterak, Terenggudug, Birgori, Kharoy, Goragalpog and Gulboy.
Parties stated that the agreement marked a significant step in strengthening the energy partnership between Uzbekistan and Azerbaijan, laying a solid foundation for long-term cooperation in the exploration and development of hydrocarbon resources.
"The partnership with SOCAR reflects Uzbekistan's efforts to diversify sources of investment. The Ustyurt region has great potential and the signing of the PSA opens up new horizons for its development," - Uzbek Energy Minister Jurabek Mirzamakhmudov stated.
The initial phase of the agreement focuses on geological exploration to identify promising hydrocarbon areas, with SOCAR serving as the operator during this period.
According to the agreement, exploration activities—including 3D seismic surveys over an area of at least 1,000 square kilometers, the drilling of at least one exploration well—are expected to be completed within the first five years.
If commercially viable hydrocarbon reserves are discovered, the project will move into the development and production phase," the Uzbek Energy Ministry said in its statement.
SOCAR president Rovshan Najaf said that the agreement is "an evidence of our long-term strategy to develop the energy sector in Central Asia and the Caspian region."
"We are confident that this cooperation will make a significant contribution to ensuring energy security and developing Uzbekistan’s infrastructure," - Najaf added.
U.S. President Donald Trump told reporters he was "not satisfied" with Iran's latest peace proposal, which was delivered to Wash...
Azerbaijan won nine medals at the 2026 President Cup international regatta, held in Mingachevir and dedicated to Azerbaijan’s former presiden...
Preparations for Vladimir Putin’s upcoming visit to Kazakhstan were a central focus of talks in Astana between President Kassym-Jomart Tokaye...
An international youth forum titled “Strengthening the Role of Youth in the Postcolonial Era” opened in Baku on 1 May, bringing togethe...
Azerbaijan’s capital, Baku, has hosted the International Carpet Festival for the second time, with this year’s event opening with discu...
The Republic of Uzbekistan and the Czech Republic have agreed to increase bilateral trade to $1 billion and explore the resumption of direct flights between Tashkent and Prague following high-level talks between President Shavkat Mirziyoyev and Prime Minister Andrej Babiš.
Tashkent hosted the INMerge Innovation Summit Roadshow, bringing together start-ups, investors and technology leaders to explore the future of Central Asia’s digital economy and regional cooperation.
Kazakhstan has ratified a regional green energy agreement with Azerbaijan and Uzbekistan, signalling Central Asia’s ambition to become a key supplier of renewable energy to international markets.
Kazakhstan, Kyrgyzstan and Uzbekistan are advancing one of Central Asia’s largest joint energy projects: the construction of the Kambarata HPP-1 hydropower plant on the Naryn River in Kyrgyzstan, with a planned capacity of nearly 2,000 megawatts.
A report published by Minval Politika has raised new questions over alleged efforts by Luis Moreno Ocampo to shape international pressure against Azerbaijan and influence political dynamics around Armenia.
A Pentagon official provided the first official estimate of the cost of the U.S. war in Iran on Wednesday (29 April), telling lawmakers that $25 billion had so far been spent on the conflict, most of it on munitions. Earlier, Donald Trump said that the U.S. had "militarily defeated" Tehran.
Iran’s Supreme Leader Mojtaba Khamenei warned “foreigners who commit evil” have no place in the Gulf, outlining a “new phase” for the Strait of Hormuz, while a senior adviser said U.S. blockade efforts would fail and could trigger confrontation.
Shares in Meta Platforms fell sharply in extended trading on Wednesday after the tech giant raised its annual capital spending forecast by billions of dollars.
U.S. President Donald Trump told reporters he was "not satisfied" with Iran's latest peace proposal, which was delivered to Washington via Pakistani mediators on Friday (1 May).
Azerbaijan won nine medals at the 2026 President Cup international regatta, held in Mingachevir and dedicated to Azerbaijan’s former president and national leader, Heydar Aliyev.
Preparations for Vladimir Putin’s upcoming visit to Kazakhstan were a central focus of talks in Astana between President Kassym-Jomart Tokayev and Russian Foreign Minister Sergey Lavrov.
An international youth forum titled “Strengthening the Role of Youth in the Postcolonial Era” opened in Baku on 1 May, bringing together delegates from current and former colonies to discuss decolonisation, self-determination and the role of young people in shaping global governance.
Azerbaijan’s capital, Baku, has hosted the International Carpet Festival for the second time, with this year’s event opening with discussions on challenges facing the global carpet industry.
A large diplomatic delegation is touring Azerbaijan’s Garabagh and East Zangezur regions, observing reconstruction projects and memorial sites tied to recent conflicts. The visit highlights both infrastructure development and unresolved humanitarian issues raised by officials.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment