Uzbekistan looking at new oil and gas projects with SOCAR
TASHKENT. Aug 28 (Interfax) - Uzbekistan and the State Oil Company of the Azerbaijani Republic (SOCAR) have discussed the implementation of existing and launch of new oil and gas projects, the Uzbek Investment, Industry and Trade Ministry said.
Uzbek Investment, Industry and Trade Minister Laziz Kudratov and SOCAR President Rovshan Najaf held an online meeting on Thursday.
"The sides discussed the current state and prospects for expanding trade, economic, and investment partnerships between the two countries," the ministry said. Particular attention was paid to the practical implementation of ongoing joint projects, as well as the development of new promising initiatives.
The ministry said SOCAR was participating in the Ustyurt hydrocarbon development project in Uzbekistan, with an investment volume of approximately $2 billion.
Following the negotiations, the parties reaffirmed their mutual readiness to further deepen cooperation, increase mutual trade volumes, and accelerate the advancement of strategic projects.
SOCAR plans to expand its filling stations network in Uzbekistan. Uzbek state-owned oil and gas company Uzbekneftegaz and SOCAR signed a cooperation agreement on August 23 to develop a network of modern filling stations in Uzbekistan. The agreement provides for a study and assessment of the scope for developing a network of gas stations, identifying promising locations, optimal business models and practical mechanisms for project implementation.
Azerbaijani President Ilham Aliyev attended a groundbreaking ceremony for five new SOCAR filling stations on August 23.
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 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.
BP 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.
