SOCAR signs PSA on Ustyurt project in Uzbekistan Uzbekistan's Energy Ministry, the State Oil Company of Azerbaijan Republic (SOCAR) and state oil and gas company Uzbekneftegaz signed a production sharing agreement (PSA) on Thursday that calls for exploration and subsequent hydrocarbon production at investment blocks in the Ustyurt oil and gas region."Under the terms of the agreement, there are plans to conduct 3D seismic surveys in an area of at least 1,000 square km and begin geological exploration work on one well based on the results. In the event of the discovery of hydrocarbon deposits of commercial significance, the parties will begin the stage of their development and subsequent production," the Uzbek Energy Ministry said in a press release."The signing of the agreement is an important step in the development of energy cooperation between Uzbekistan and Azerbaijan and lays the foundation for long-term cooperation in exploration and development of hydrocarbon resources," the ministry said."The signing of this agreement is evidence of our long-term strategy to develop the energy sector in Central Asia and the Caspian region," SOCAR president Rovshan Najaf was quoted as saying the press release.The partnership with SOCAR reflects Uzbekistan's efforts to diversify sources of investment. The Ustyurt region has great potential and the signing of the PSA opens up new horizons for its development, Uzbek Energy Minister Jurabek Mirzamakhmudov said.SOCAR in its press release said that it would act as the operator at the stage of geological exploration work as part of the PSA."The PSA, as signed by the consortium of SOCAR, Uzbekneftegaz and Uzbekistan's government, envisages exploration, development and production at six investment blocks of Ustyurt, namely Boyterak, Terengkuduk, Birgori, Haroy, Karakalpok, and Kulboy. Geological exploration work is envisaged to identify promising areas at the initial stage of the agreement. SOCAR during this period will act as the operator. According to the document, there are plans to complete exploration work and drill at least one exploratory well during the initial five-year period," SOCAR said.Uzbekneftegaz and SOCAR signed an agreement on August 22, 2024 to expand and deepen cooperation in the oil and gas sector. Uzbek Investment, Industry and Trade Minister Laziz Kudratov said at a business forum in August 2024 that exploration work would be done with SOCAR on the Ustyurt Plateau.SOCAR said in June 2025 that an agreement had been reached with Uzbekneftegaz to conduct exploration in Uzbekistan's Ustyurt region. (ICE ALMATY)

Fonte notizia: Interfax