Azerbaijan's State Oil Company to open representative office in Uzbekistan

BAKU. May 13 (Interfax) - The State Oil Company of the Azerbaijani Republic (SOCAR) aims to expand cooperation with Uzbekistan and has decided to open a representative office in that country, the Uzbek president's press service said.

"On May 13, Uzbek President Shavkat Mirziyoyev received the head of the Azerbaijani company SOCAR, Rovshan Najaf, as well as members of BP's management Ariel Flores and Giovanni Cristofoli, who arrived in the country to participate in the Uzbekistan Energy Week 2026 forum," the press service said.

The participants in the meeting discussed expanding cooperation with these two companies. "Successful cooperation in the energy sector was noted. SOCAR is Uzbekistan's partner in implementing the project for developing hydrocarbon fields on the Ustyurt plateau. A decision was made to open a representative office of SOCAR in Uzbekistan," the press service said.

The Uzbek side highly appreciated the fact that BP has entered SOCAR's joint project for the development of six investment blocks in Uzbekistan's Ustyurt region.

The parties also noted the importance of advancing joint projects in the oil and gas sector, exploration, production and deep processing of hydrocarbon raw materials, establishing long-term supplies of oil and petroleum products, and training industry personnel.

As reported, on May 13, 2026, BP Plc joined the production sharing agreement (PSA) for six blocks in the North Ustyurt region of Uzbekistan, previously signed with SOCAR.

In particular, BP acquired a 40% equity stake in the PSA - 20% each from SOCAR and JSC Uzbekneftegaz.

After BP joined the agreement, the equity stakes in the PSA are distributed as follows: BP - 40%, JSC Uzbekneftegaz - 30% and SOCAR (operator) - 30%.

It was previously reported that Ustyurt Operating Company, a joint venture between Uzbekneftegaz and SOCAR, opened an office in Tashkent in December 4.

It was also reported that 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. It is assumed that it would be possible to extract 5 million tonnes of oil annually after the launch of the project on the Ustyurt plateau.

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.