SOCAR, Uzbekneftegaz complete over 80% of seismic program in Uzbekistan's Ustyurt region
BAKU. June 11 (Interfax) - SOCAR Exploration, a subsidiary of the State Oil Company of the Azerbaijani Republic (SOCAR), has completed more than 80% of the 3D seismic exploration program under the production sharing agreement (PSA) for six blocks in Uzbekistan's North Ustyurt region, being carried out jointly with JSC Uzbekneftegaz, the Azerbaijani company said.
"The Ustyurt 3D seismic exploration program is progressing successfully through the application of advanced technologies and high operational efficiency. Covering more than 3,000 sq. km, the survey is SOCAR's largest seismic exploration project outside Azerbaijan. With more than 80% of the program completed to date, preliminary results are providing valuable insights into the region's deeper geological structures and enhancing our understanding of its subsurface potential," SOCAR said.
"With field operations progressing according to plan, the project marks an important step in strengthening Azerbaijan - Uzbekistan energy cooperation and supporting future exploration opportunities in the region. We are also pleased to welcome a new partner to the project and are confident that the ongoing seismic operations will be completed successfully, paving the way for further evaluation and the next stages of exploration," it said.
BP Plc said on May 13 that it had joined the PSA for the six Ustyurt blocks, acquiring a total 40% participating interest in the PSA - 20% from each of the existing partners SOCAR and Uzbekneftegaz, which previously held 50% each. SOCAR remains project operator.
Ustyurt Operating Company, a joint venture between Uzbekneftegaz and SOCAR, opened an office in Tashkent in December 4. The project was launched on the same day.
On July 24, 2025, Uzbekistan's Energy Ministry, SOCAR, and Uzbekneftegaz signed a production-sharing agreement for geological exploration and subsequent hydrocarbon extraction in six investment blocks of the Ustyurt oil and gas region namely Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq and Qulboy. According to forecasts, a field with oil reserves of 100 million tonnes and natural gas of 35 billion cubic meters could be found at the Ustyurt blocks.
In accordance with the terms and conditions of the PSA, there are plans to conduct 3D seismic exploration on at least 1,000 sq. km and, based on the results, launch geological exploration work on one well. If hydrocarbon deposits of industrial significance are discovered, then the parties will launch development and subsequent production.
Overall investments in the project are estimated at $2 billion.
