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BP confirmed its entry into Uzbekistan after acquiring a 40% stake in a production sharing agreement (PSA) for six blocks located in the North Ustyurt region, an area with high hydrocarbon potential in Central Asia.
The agreement includes the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy blocks. With this transaction, the British company establishes its first presence in the country, expanding its international exploration portfolio.
Likewise, BP’s participation has been structured through the acquisition of 20% from each of the existing partners: SOCAR, Azerbaijan’s state-owned company, and Uzbekneftegaz, Uzbekistan’s national company.
Following the transaction, the project’s distribution is 40% for BP, while SOCAR and Uzbekneftegaz each retain 30%, with SOCAR as the operator.
PSA Agreement Details
The agreement was formalized in Tashkent during the Uzbekistan Oil and Gas Conference 2026, in the presence of government representatives and energy sector executives.
According to Gio Cristofoli, bp’s regional president, the company believes Uzbekistan has significant resource potential. The company aims to support both oil and gas exploration and development in the country, with long-term benefits for the region.
For their part, Uzbek authorities emphasized that BP’s entry reflects international confidence in the country’s energy reforms and investment environment.
BP’s expansion and strategic context
Entry into this project aligns with BP’s strategy to strengthen its hydrocarbon exploration and production business.
In this context, the company continues to adjust its approach to balance its portfolio between oil and gas and the energy transition, prioritizing assets with sustained growth potential.
Likewise, the collaboration with SOCAR and Uzbekneftegaz strengthens a technical alliance that seeks to optimize joint operations in the region.
The production sharing agreement was originally signed in July 2025 and is currently in its initial phase.
At this stage, SOCAR is leading the seismic activities as the operator, with the aim of evaluating the potential of the blocks and moving towards future exploration and development phases.
Source: bp
Photo: shutterstock