Uzbekneftegaz proposes to start drilling at Ustyurt project with SOCAR, BP by end of 2027
BAKU. June 2 (Interfax) - Uzbekneftegaz (UNG) has proposed to start drilling work in the contract area covered by a production sharing agreement for six blocks in the North Ustyurt region of Uzbekistan signed with the State Oil Company of Azerbaijan Republic (SOCAR) and UK oil and gas major BP Plc by the end of 2027, the Uzbek state oil and gas company reported.
UNG chairman Abdugani Sanginov held a meeting with BP vice president Gordon Birrell and senior vice president for Azerbaijan, Georgia and Turkey region Giovanni Cristofoli at Baku Energy Week, the company said.
"Abdugani Sanginov proposed to consider the possibility of starting drilling work by the end of 2027 in order to accelerate this strategically important project. In this regard, views were exchanged on optimizing the project stages and accelerating practical processes," UNG said.
It was noted at the meeting that, pursuant to the agreements reached in Tashkent, a detailed action plan for this project has been developed to 2029. However, they discussed revising the deadlines for completing geophysical data interpretation.
The BP executives emphasized that one of the main principles of the company's activities is to establish long-term and stable cooperation in each country, UNG said. "We have been working in the countries where we operate for decades. We are entering the Uzbek market not with the aim of short-term, but rather 50-60-year strategic cooperation," UNG reported them as saying.
Sanginov said that one of the most important issues in the oil and gas sector is the widespread introduction of modern technologies. "Today, the industry requires new approaches for our company, from drilling operations to all stages of the production chain. Many processes are still based on old technologies," he said.
The BP representatives said the company has the ability to conduct in-depth analysis of seismic data in strata using high-performance supercomputers and modern algorithms, and they "expressed their readiness to introduce these innovative solutions and advanced digital technologies to the oil and gas sector of Uzbekistan," UNG said.
Sanginov also discussed all issues related to accelerating work on the PSA for the six blocks in the North Ustyurt region with SOCAR president Rovshan Najaf.
The parties exchanged views on optimizing working processes and accelerating the stages of the project, and stressed the importance of further developing cooperation on social projects, UNG said.
