TASHKENT, Uzbekistan, December 29. Uzbekneftegaz and Azerbaijan’s SOCAR took a good hard look at the geological exploration progress at the Ustyurt investment blocks, all under the umbrella of a Production Sharing Agreement (PSA), TurkicWorld reports via the Uzbek company.
The issue was discussed during a working meeting between the Chairman of the Board of Uzbekneftegaz JSC, Akmal Sanginov, and SOCAR Vice President Afag Javadova.
The stakeholders also engaged in dialogue regarding the subsequent phase of the initiative to optimize hydrocarbon extraction methodologies.
The leadership of both organizations conducted a thorough evaluation of the advancements realized within the collaborative initiative, which is being executed in accordance with strategic accords, highlighting the punctual completion of designated objectives.
Specifically, cutting-edge technologies are being deployed extensively for the inaugural implementation in the region as a component of seismic assessments. Certain implemented methodologies are distinctly tailored to the Ustyurt region's specific contextual parameters. This methodology enhances the velocity of geological reconnaissance, optimizes the fidelity and precision of geophysical datasets, and fosters the development of innovative technological competencies and elevated benchmarks within Uzbekistan’s hydrocarbon industry.
Subsequent to the convening, the stakeholders reached a consensus to synergize on the forthcoming stages of the initiative and guarantee the optimal execution of the outlined operational strategies.
Meanwhile, in August 2024, Uzbekneftegaz and SOCAR signed a cooperation agreement in the hydrocarbon sector, launching geological studies on the Ustyurt Plateau, including seismic exploration and preparations for hydrocarbon production.
Furthermore, on July 24, 2025, the parties signed a Production Sharing Agreement (PSA), which provides for fully meeting Uzbekistan’s domestic oil needs for the next 25 years. The extracted gas will also be supplied to the domestic market, supporting the country’s industrial sector with affordable and high-quality petroleum products.
