Ministry of Investments: SOCAR is participating in a $2 billion project in Uzbekistan

Minister of Investments, Industry, and Trade of Uzbekistan Laziz Kudratov and President of the State Oil Company of Azerbaijan (SOCAR) Rovshan Najaf discussed new cooperation initiatives.

As reported by BAKU.WS with reference to the Ministry of Investments, Industry, and Trade of Uzbekistan, the parties discussed the current state and prospects for expanding trade, economic, and investment partnership between the two countries.

The negotiators paid special attention to the practical implementation of ongoing joint projects, as well as the development of new promising initiatives (in the energy and industrial sectors - ed.).

Following the negotiations, the parties confirmed their mutual readiness for further deepening of cooperation, increasing mutual trade volumes, and accelerating the advancement of strategic projects.

According to the ministry, SOCAR is participating in the implementation of a project ("Ustyurt" - ed.) in Uzbekistan for the development of hydrocarbon resources with an investment volume of approximately 2 billion US dollars.

As a reminder, on July 24, 2025, the Ministry of Energy of Uzbekistan, SOCAR, and Uzbekneftegaz signed a Production Sharing Agreement providing for geological exploration and subsequent hydrocarbon extraction in the Ustyurt region.

The PSA provides for exploration, development, and production at six "Ustyurt" investment blocks - Boyterak, Terengkuduk, Birgori, Kharoy, Karakalpok, and Kulboy. SOCAR will act as the operator during the geological exploration phase. According to the document, exploration and survey work and the drilling of at least one exploration well are planned during the initial five-year period. Under the terms of the Agreement, 3D seismic surveying is planned to be conducted over an area of at least 1,000 square kilometers.

According to forecasts, a deposit with reserves of 100 million tons of oil and 35 billion cubic meters of natural gas may be found at the Ustyurt blocks. It is expected that after the project is launched on the Ustyurt plateau, it will be possible to extract 5 million tons of oil annually.