Uzbekistan Explores BP's Participation in Ustyurt Production Sharing Agreement

Uzbek Energy Minister Jurabek Mirzamahmudov has said that Uzbekistan is in talks with British energy giant bp to potentially join the Production Sharing Agreement (PSA) for the Ustyurt block.

“bp has shown interest in the project, and preliminary negotiations are currently underway,” the minister said, The Caspian Post reports via local media.

Mirzamahmudov noted that the project’s current investors are the State Oil Company of the Azerbaijan Republic (SOCAR) and Uzbekneftegaz, holding equal 50-50 stakes.

“As with most PSAs, the financing comes from the investor consortium - SOCAR and Uzbekneftegaz. As I mentioned, bp’s involvement is being considered, given the historically strong relationship between SOCAR and bp,” he added.