BP PLC has acquired a 40 percent stake in Uzbekistan’s North Ustyurt production sharing contract (PSC).
The project consists of six blocks: Birqori, Boyterak, Kharoy, Qoraqalpoq, Qulboy and Terengquduq.
“We are pleased to be entering our first project in Uzbekistan, alongside Uzbekneftegaz and our long‑standing partner SOCAR”, Gio Cristofoli, BP president for Azerbaijan, Georgia and Türkiye, said in an online statement by the company. “We believe Uzbekistan has significant resource potential and see this as an opportunity to support the exploration and development of the country’s oil and gas resources, delivering long‑term benefits to the region.
“Our entry into this PSA is also a demonstration of BP further growing its exploration portfolio in support of long-term organic growth”.
BP bought 20 percent each from Uzbekistan’s state-owned JSC Uzbekneftegaz and the State Oil Company of the Republic of Azerbaijan (SOCAR). Uzbekneftegaz and operator SOCAR each retain 30 percent. The two originally signed the PSA July 24, 2025.
“The project is currently in its first phase, with SOCAR, as operator, undertaking seismic activities”, BP said.
The Central Asian country’s energy minister, Jurabek Mirzamahmudov, said in the statement, “BP’s accession to the Production Sharing Agreement in the Ustyurt region is not merely a commercial agreement, but a direct testament to international investors’ confidence in the reforms being carried out in Uzbekistan and in our strategic course toward the development of the energy sector”.
Abdugani Sanginov, chairman of Uzbekneftegaz’ management board, commented, “We are confident that combining our experience with the advanced technologies and expertise of BP and SOCAR will enable us to unlock the region’s resource potential with maximum efficiency”.
As of last year BP’s oil and gas presence in Asia comprised assets in Abu Dhabi, Azerbaijan, China, India, Indonesia, Iraq, Kuwait and Oman, according to the company’s annual report.
Asia, excluding Australasia, contributed 381,000 barrels per day to BP’s net crude oil production in 2025. BP’s net natural gas production in Asia last year averaged 1.6 billion cubic feet a day, according to the annual report.
At the end of the reporting period BP had 63 gross development wells and 1 gross exploratory well in Asia, the report said.
BP aims to grow upstream production to 2.3-2.5 million barrels of oil equivalent a day (MMboed) by 2030 with an investment plan of around $10 billion a year, according to the “reset” strategy it announced February 26, 2025.
BP produced 1.53 MMboed last year, according to its annual report.