SOCAR, Uzbekneftegaz agree on geological exploration in Uzbekistan's Ustyurt region

BAKU. July 3 (Interfax) - The State Oil Company of the Azerbaijani Republic (SOCAR) and JSC Uzbekneftegaz have reached an agreement to conduct geological exploration in the Ustyurt region of Uzbekistan, SOCAR's press service said.

"On Wednesday in Baku, SOCAR President Rovshan Najaf met with Uzbek Energy Minister Zhurabek Mirzamakhmudov and Uzbekneftegaz Board Chairman Bakhodirjon Sidikov. The parties exchanged views on current cooperation. Important agreements were reached between SOCAR and Uzbekneftegaz on a project for geological exploration in Uzbekistan's Ustyurt region," the press service said.

During the meeting, the parties also expressed satisfaction with the development of their partnership, both bilaterally and in multilateral formats.

The details of the agreements have not yet been disclosed.

Azerbaijani Economy Minister Mikayil Jabbarov previously said that SOCAR was exploring the possibility of participating in joint operations at the Karakalpak investment block in Uzbekistan.

"SOCAR and Uzbekneftegaz have established close partnership and active cooperation. We are now at the stage of SOCAR together with Uzbekneftegaz entering the development of one of Uzbekistan's promising oil and gas fields, and expect that full-scale work related to this field will begin soon," Jabbarov said during his speech at the 3rd Bilateral Interregional Forum in Baku on June 20.

As reported, Uzbekneftegaz and SOCAR signed an agreement on August 22, 2024, aimed at expanding and deepening cooperation in the oil and gas sector. In August 2024, at a business forum, Uzbek Investment, Industry and Trade Minister Laziz Kudratov said that joint geological exploration would be carried out with SOCAR on the Ustyurt plateau in Uzbekistan.