Rovshan Najaf, President of the State Oil Company of the Republic of Azerbaijan (SOCAR), met in Tashkent with Jurabek Mirzamahmudov, Minister of Energy of the Republic of Uzbekistan, and Bakhodirjon Sidikov, Chairman of the Management Board of Uzbekneftegaz JSC.

During the meeting, the sides hailed the expansion of cooperation between SOCAR and Uzbekneftegaz. In this context, they emphasized the significance of signing a Production Sharing Agreement (PSA) for the exploration, development, and production of the “Ustyurt” investment blocks - including Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy - and discussed the prospects for further collaboration.

A PSA was officially signed between the Government of the Republic of Uzbekistan and the consortium formed by SOCAR and Uzbekneftegaz for the development of the Ustyurt investment blocks.

In the initial phase, geological exploration activities will be carried out to identify prospective areas, with SOCAR acting as the operator. As stipulated in the agreement, the exploration phase - comprising at least one exploration well - is expected to be completed within an initial five-year period.

The signing of this agreement marks a new phase in strategic energy cooperation and is expected to bring mutual benefits to both parties.