SOCAR Partners With Uzbekistan in Ambitious Ustyurt Oil and Gas Exploration Project

Uzbekistan and the State Oil Company of the Azerbaijan Republic (SOCAR) have signed a significant Production Sharing Agreement (PSA) to explore and develop hydrocarbons on the Ustyurt Plateau in western Uzbekistan.

Valued at nearly $2 billion, the project involves extensive seismic surveys, geological exploration, and future oil and gas extraction, The Caspian Post reports, citing Uzbek media.

Experts anticipate discovering a giant field with reserves of up to 100 million tons of oil and 35 billion cubic meters of natural gas.

Once fully operational, the project could produce up to 5 million tons of oil annually, more than doubling Uzbekistan’s current imports and potentially meeting the country’s oil needs for the next 25 years.

Adhamjon Ubaidullaev, Head of the Uzbek Ministry of Energy’s Main Department, highlighted the strategic importance of this three-phase program for boosting domestic gas supplies and providing affordable oil products for industry.