BP, SOCAR, and Uzbekneftegaz Launch Major Extraction
Economy
British BP’s entry into the development of Uzbekistan's subsoil is more than a mere investment; it marks the arrival of world-class technology to unlock the potential of the Baiterak and Karakalpak blocks. As SOCAR and Uzbekneftegaz lay the groundwork, London steps in as the technological powerhouse, positioning the region as a central hub for gas extraction in Central Asia.
On May 13, during Uzbekistan Energy Week in Tashkent, BP officially joined the Ustyurt Plateau development project. Under the updated Production Sharing Agreement (PSA), the British corporation secured a leading 40% stake, while SOCAR and Uzbekneftegaz retained 30% each. The consortium will focus on developing six promising blocks, including Baiterak, Terenkuduk, and Kharoy.
This move marks the culmination of two years of preparation, spanning from the initial agreements with Azerbaijan’s SOCAR in 2024 to successful 3D seismic surveys in 2025. BP’s involvement transforms the project into a robust international consortium. The application of Western deep-drilling techniques is expected to intensify hydrocarbon extraction in Karakalpakstan, ensuring long-term energy security for Uzbekistan and providing access to cutting-edge industry solutions.
This move marks the culmination of two years of preparation, spanning from the initial agreements with Azerbaijan’s SOCAR in 2024 to successful 3D seismic surveys in 2025. BP’s involvement transforms the project into a robust international consortium. The application of Western deep-drilling techniques is expected to intensify hydrocarbon extraction in Karakalpakstan, ensuring long-term energy security for Uzbekistan and providing access to cutting-edge industry solutions.
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