Uzbekistan Advances Energy Ties with SOCAR Through New PSA

Uzbek Energy Minister Jurabek Mirzamahmudov has said that the government is set to sign a Production Sharing Agreement (PSA) with the State Oil Company of the Republic of Azerbaijan (SOCAR), marking a major step forward in bilateral energy cooperation.

The announcement was made following a strategic meeting chaired by Uzbek President Shavkat Mirziyoyev, The Caspian Post reports, citing Uzbek media.

During the meeting, the president reviewed a detailed presentation on the status of joint oil and gas initiatives with foreign partners. A key highlight was the deepening of ties with SOCAR for hydrocarbon exploration and production in the Ustyurt region, one of Uzbekistan’s most promising energy zones.

Mirzamahmudov confirmed that Uzbekistan and Azerbaijan have reached an agreement to carry out joint geological exploration, with the PSA now in its final drafting stage. The signing of the agreement is anticipated by the end of this week.

President Mirziyoyev instructed government agencies to fast-track implementation of the partnership, formulate a step-by-step roadmap through 2025, and cut red tape to facilitate more effective collaboration with international energy companies.

Bahodir Sidikov, CEO of Uzbekneftegaz, stated that the draft agreement with SOCAR has been completed and submitted for presidential review. He emphasized that the PSA will be a strategic milestone that paves the way for significant growth in Uzbekistan’s oil and gas sector.