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.
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Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 23rd of July, covering the latest developments you need to know.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 24th July, covering the latest developments you need to know.
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