Uzbekistan and Azerbaijan Agree on Joint Exploration and Production of Oil and Gas in the Ustyurt Region
Uzbekistan and Azerbaijan Agree on Joint Exploration and Production of Oil and Gas in the Ustyurt Region
The State Oil and Gas Company of Uzbekistan, Uzbekneftegaz, and the State Oil Company of Azerbaijan Republic (SOCAR) have agreed to conduct joint exploration and production activities of oil and gas in Uzbekistan’s Ustyurt region.
According to a statement by the Ministry of Energy of Uzbekistan, in this context, a Production Sharing Agreement (PSA) was signed between Uzbekneftegaz and SOCAR, covering geological exploration, development, and extraction of oil and gas in the Ustyurt oil and gas-bearing area located in Karakalpakstan.
Under the agreement, the first phase foresees conducting three-dimensional seismic surveys on an area of at least 1,000 square kilometers, followed by geological exploration work. In case of discovery of oil and gas fields, the parties will proceed with joint production.
The signing of the agreement marks an important step in the development of cooperation between Uzbekistan and Azerbaijan in the energy sector, as well as providing a long-term legal framework for interaction between the two countries in the oil and gas industry.
Напомним, что в августе 2024 года между «Узбекнефтегаз» и SOCAR уже было подписано соглашение о сотрудничестве в нефтегазовом секторе.