Azerbaijan’s State Oil Company (SOCAR) and British BP may sign a Production Sharing Agreement (PSA) for investment blocks in Uzbekistan.
Uzbekistan’s Energy Minister Alisher Sultanov met with British Ambassador to Uzbekistan Tim Torlot on February 4 to discuss the implementation of investment projects in the oil and gas industry with the participation of British companies and organizations, Uzbekistan’s Energy Ministry reported.
Currently, specialists from Uzbekistan, together with BP and SOCAR, are exploring the possibilities of conducting exploration work at the three investment blocks. In February 2020, SOCAR and BP specialists will visit Uzbekistan to discuss the main PSA conditions for these blocks.
Uzbekneftegaz, BP and SOCAR signed two memorandums to explore the possibility of conducting joint exploration and development of fields in Uzbekistan and a memorandum of understanding to explore the possibilities of exploration in the investment blocks of Uzbekistan in May 2018.
In May 2019, the companies signed an agreement on geological exploration at four investment blocks in the Aral Sea. The document provides for geological exploration in the Uzbek part of the Aral Sea, Samsko-Kosbulak and Baiterek investment blocks of the Ustyurt region. Exploration works will be carried out step by step, according to the schedule approved by the parties.
Moreover, SOCAR and Uzbekneftegaz reached an agreement on joint oil and gas operations in Azerbaijan and Uzbekistan, as well as in third countries in June 2017.
In 2016, SOCAR and Uzbekneftegaz signed a memorandum providing for cooperation in the field of exploration and development of oil and gas fields and other potential areas for the development of the energy sector.