BP Takes 40% Stake in Six Uzbekistan North Ustyurt Exploration Blocks
BP acquired a 40% participating stake in a production sharing agreement for six North Ustyurt exploration blocks (Birqori, Boyterak, Kharoy, Qoraqalpoq, Qulboy, Terengquduq) by purchasing 20% each from SOCAR and Uzbekneftegaz. Post-transaction, SOCAR will operate with a 30% interest and Uzbekneftegaz holds 30%.
1. BP Acquires 40% Participating Interest
BP secured a 40% participating stake in a production sharing agreement covering the Birqori, Boyterak, Kharoy, Qoraqalpoq, Qulboy and Terengquduq blocks in Uzbekistan’s North Ustyurt region. This stake was obtained through the purchase of 20% interests from each of SOCAR and Uzbekneftegaz.
2. Revised Capital Structure and Operator
Following the transaction, BP holds 40%, SOCAR retains 30% and will serve as the operator, while Uzbekneftegaz holds the remaining 30%. The reallocation aligns partner interests and positions SOCAR to manage ongoing and future exploration operations.
3. Project Origins and Current Activities
The original PSA was signed on July 24, 2025, with initial seismic activities conducted by SOCAR. The recent signing in Tashkent coincided with the Oil and Gas of Uzbekistan Conference, formalizing BP’s entry into the project.
4. Strategic Implications for BP and Uzbekistan
BP’s first investment in Uzbekistan supports its long-term organic growth strategy by expanding its global exploration portfolio. The deal underscores the country’s resource potential and deepens energy cooperation among BP, SOCAR and Uzbekneftegaz.