The key facts

  • SOCAR and BP are conducting geological exploration at six investment blocks in the Ustyurt region.
  • Another 128 blocks have been prepared: preliminary estimate — 5.8 trillion cubic meters of gas and 560 million tons of liquid hydrocarbons.
  • The PSA between Uzbekistan, SOCAR and Uzbekneftegaz for a term of five years was signed on July 24; SOCAR acts as the operator.

Plans for 128 blocks

Uzbekistan intends to expand cooperation with foreign companies in the oil and gas industry, including geological exploration, improving field efficiency and deep processing of raw materials. President Shavkat Mirziyoyev announced this on October 16 at an open dialogue with investors in the fuel and energy sector. According to him, in addition to the six blocks in the Ustyurt region where SOCAR and BP are currently operating, another 128 blocks have been prepared to be offered to foreign partners. Their resources, according to preliminary estimates, are assessed at 5.8 trillion cubic meters of natural gas and 560 million tons of liquid hydrocarbons. The president emphasized that competition, transparency and economic efficiency should be the main criteria in resource development.

Uncertain details

The specific regions where the 128 blocks will be located, the timeline for offering them to investors and the terms of cooperation have not yet been specified. It is also not reported what share of the preliminarily estimated resources may be classified as recoverable reserves.

Current agreement with SOCAR

The Ministry of Energy of Uzbekistan, Azerbaijan's SOCAR and Uzbekneftegaz signed a production sharing agreement for a term of five years on July 24 (the Uzbek-language version of Gazeta indicates July 24, 2025). The document provides for geological exploration and subsequent hydrocarbon production at investment blocks in the Ustyurt oil and gas region. Exploration and drilling of at least one exploration well must be completed within five years; during this period SOCAR acts as the operator.

Forecasts for the field

The Uzbekistan 24 TV channel reported that within the project, the discovery of 100 million tons of oil and 35 billion cubic meters of natural gas is forecast. According to specialists, this refers to the possible discovery of a large field with enormous oil resources.