Uzbekistan and Azerbaijan are exploring new opportunities to expand cooperation in the energy and industrial sectors, as the two countries seek to deepen their growing economic partnership.

Uzbek Minister of Investment, Industry and Trade Laziz Kudratov and SOCAR President Rovshan Najaf discussed the current state and prospects of bilateral trade, economic and investment cooperation, according to UzDaily.

The talks focused on the practical implementation of existing joint projects, as well as the development of new initiatives in the energy and industrial sectors.

Following the meeting, both sides reaffirmed their commitment to expanding cooperation, increasing bilateral trade and accelerating strategic projects.

SOCAR is already involved in a major hydrocarbon development project in Uzbekistan’s Ustyurt region, with planned investment of around $2 billion.

The project gained momentum in July 2025, when Uzbekistan’s Energy Ministry, SOCAR and Uzbekneftegaz signed a production-sharing agreement covering geological exploration and the subsequent extraction of hydrocarbons in the Ustyurt region.

The agreement covers six investment blocks - Boyterak, Terengkuduk, Birgori, Haroy, Karakalpak and Kulboy. SOCAR will serve as the operator during the geological exploration phase.

The initial five-year exploration program includes prospecting and drilling at least one exploration well, while 3D seismic surveys are planned across an area of at least 1,000 square kilometers.

Early estimates suggest the Ustyurt blocks could contain up to 100 million tons of oil and 35 billion cubic meters of natural gas. Once operational, the project could potentially enable annual oil production of around 5 million tons on the Ustyurt Plateau.