The Ministry of Energy of Uzbekistan, SOCAR (State Oil Company of Azerbaijan), and Uzbekneftegaz JSC have entered into a major Production Sharing Agreement (PSA) aimed at exploring and developing hydrocarbon reserves in Uzbekistan’s Ustyurt oil and gas region.
According to a press release from Uzbekistan’s Ministry of Energy, the agreement outlines a comprehensive plan to conduct 3D seismic surveys covering at least 1,000 square kilometers. Based on the survey findings, exploratory drilling of one well will follow. If commercially viable reserves are discovered, the project will proceed to full-scale development and production phases.
Officials emphasized that this agreement marks a significant milestone in advancing energy cooperation between the two nations and sets the stage for sustained collaboration in hydrocarbon resource development.
SOCAR President Rovshan Najaf highlighted the strategic importance of the partnership: “This agreement reflects our commitment to expanding energy cooperation across Central Asia and the Caspian region. SOCAR is eager to launch this project, bringing its expertise and cutting-edge technology to the table. We are confident that this initiative will bolster Uzbekistan’s energy security and contribute to its infrastructure growth.”
The agreement is expected to open new avenues for regional energy integration and attract further investments into Uzbekistan’s energy sector.
https://report.az/en/energy/uzbekistan-s-energy-ministry-socar-and-uzbekneftegaz-sign-contract-for-ustyurt-oil-and-gas-region/