Uzbekistan's Minister of Investment, Industry and Trade Laziz Kudratov and President of the State Oil Company of the Republic of Azerbaijan (SOCAR) Rovshan Najaf have discussed new cooperation initiatives, Report informs, citing the Ministry of Investment, Industry and Trade of Uzbekistan.
The sides discussed the current state and prospects for expanding trade, economic, and investment partnerships between the two countries.
Particular attention was paid to the practical implementation of ongoing joint projects, as well as the development of new promising initiatives in the energy and industrial sectors.
Following the negotiations, the parties reaffirmed their mutual readiness to further deepen cooperation, increase mutual trade volumes, and accelerate the advancement of strategic projects.
According to the ministry, SOCAR is participating in the Ustyurt hydrocarbon development project in Uzbekistan, with an investment volume of approximately $2 billion.
On 24 July 2025, the Ministry of Energy of Uzbekistan, SOCAR, and Uzbekneftegaz signed a Production Sharing Agreement (PSA) providing for geological exploration and subsequent hydrocarbon extraction in the Ustyurt region.
The PSA covers exploration, development, and production across six investment blocks in Ustyurt: Boyterak, Terengkuduk, Birgori, Kharoy, Karakalpak, and Kulboy. SOCAR will serve as the operator during the geological exploration phase. Under the document, plans include carrying out exploration work and drilling at least one exploratory well during the initial five‑year period. According to the terms of the Agreement, 3D seismic surveying is scheduled across an area of no less than 1,000 square kilometres.
According to forecasts, a field with reserves of 100 million tonnes of oil and 35 billion cubic metres of natural gas could be discovered across the Ustyurt blocks. Following the project's launch, it is expected that 5 million tonnes of oil per year could be extracted on the Ustyurt Plateau.
https://report.az/en/energy/ministry-of-investment-socar-participating-in-2b-project-in-uzbekistan