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BP Forays Into Uzbekistan with 40% Stake in Ustyurt Oil, Gas Project

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BP (BP) has agreed to acquire a 40% interest in a production sharing agreement covering six exploration blocks in Uzbekistan's Ustyurt oil and gas project, marking the company's first project in the Central Asian country.

The energy firm said the deal includes the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy blocks.

Under the deal, BP acquired its 40% stake, 20% each from Azerbaijan's state-owned energy firm Socar and Uzbekneftegaz. Following the deal's closure, participating interests in the PSA are BP 40%, Uzbekneftegaz 30%, and Socar 30%, with the Azerbaijani energy firm acting as operator.

BP said the investment marks its first project in Uzbekistan and forms part of its strategy to expand its exploration portfolio for long-term organic growth.

The North Ustyurt region, located in western Uzbekistan, is considered prospective for hydrocarbons as the country seeks to attract foreign investment and develop its upstream sector.

BP did not disclose financial details of the agreement.

Price: $44.07, Change: $-0.33, Percent Change: -0.74%

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