TASHKENT — Uzbekistan is intensifying efforts to develop oil and gas reserves on the Ustyurt Plateau with the participation of Azerbaijan's SOCAR and Britain's BP. This was announced by Sukhrob Khamrayev, First Deputy Chairman of the Board of Uzbekneftegaz, according to Gazeta.uz.
By the end of 2025, the Uzbek company produced 25.2 billion cubic meters of gas, below forecast levels. The goal for 2026–2027 is to ensure stable production volumes and increase reserves, according to a report to Uzbek President Shavkat Mirziyoyev.
To improve efficiency, Uzbekneftegaz is expanding its cooperation with international partners. Specifically, it plans to engage American companies—Boston Consulting Group, Schlumberger, and Upwing—to implement innovative technologies.
Special attention is being paid to the Ustyurt Plateau project, where SOCAR is the operator. The production sharing agreement, signed in July 2025, covers exploration and production in several investment blocks. Estimated reserves are up to 100 million tons of oil and 35 billion cubic meters of gas, with an investment volume of approximately $2 billion.
Concurrent negotiations are underway with BP. Uzbekistan's Ambassador to the UK, Ravshan Usmanov, met with company representative Michael Denison on March 23, who confirmed their interest in long-term cooperation in three areas: hydrocarbon exploration and production, implementation of modern technologies, and development of energy infrastructure.
BP previously participated in the Ustyurt exploration project jointly with SOCAR (2018), but withdrew from the project in 2021. The company is now reconsidering its strategy and returning its focus to hydrocarbon assets. The specific parameters of the British side's possible participation have not yet been disclosed.
CentralasianLIGHT.org
March 26, 2026