SOCAR, Uzbekneftegaz agree to accelerate geological exploration in Ustyurt The State Oil Company of the Azerbaijani Republic (SOCAR) and JSC Uzbekneftegaz have agreed to accelerate geological exploration work in the Ustyurt region of Uzbekistan and develop cooperation in applying artificial intelligence, Uzbekneftegaz said."As part of the Oil and Gas of Turkmenistan - 2025 international exhibition and conference in Ashgabat, a meeting was held between Uzbekneftegaz Board Chairman Bahodirjon Sidikov and SOCAR President Rovshan Najaf. The parties discussed the implementation of the production sharing agreement (PSA) for conducting geological exploration work in the Ustyurt region, paying special attention to accelerating the start of seismic exploration work," it said.Following the meeting, an agreement was reached on a set of measures aimed at accelerating field work, providing the necessary technical and logistical resources, and increasing the efficiency of the current project stage.The parties also agreed on areas for deepening cooperation in the introduction of artificial intelligence tools, digital solutions and automated control systems to improve production efficiency, optimize costs and ensure environmental sustainability.As reported, the Uzbek Energy Ministry, SOCAR and Uzbekneftegaz signed a PSA on July 24, 2025, providing for geological exploration work and subsequent hydrocarbon production at six investment blocks of the Ustyurt oil and gas region - Boyterak, Terengkuduk, Birgori, Kharoy, Karakalpok and Kulboy.According to forecasts, a field with oil reserves of 100 million tonnes and natural gas reserves of 35 billion cubic meters could be found in the Ustyurt blocks. It is assumed that after the project's launch it will be possible to annually produce 5 million tonnes of oil on the Ustyurt plateau.In accordance with the terms of the PSA, during the initial five-year period, 3D seismic exploration is planned over an area of at least 1,000 square kilometers, and based on its results geological exploration work will begin on one well. If commercially significant hydrocarbon fields are discovered, the parties will proceed with their development and subsequent production.Total investment in the project is estimated at $2 billion. (ICE ALMATY)

Fonte notizia: Interfax