SOCAR will conduct geological exploration work

The State Oil Company of Azerbaijan (SOCAR) will act as the operator at the stage of geological exploration within the framework of the Production Sharing Agreement (PSA) for exploration, development, and production in the investment blocks of the Ustyurt oil and gas region.

This is reported by BAKU.WS with reference to the press service of SOCAR.

The document notes that the PSA, signed by the consortium of SOCAR and "Uzbekneftegaz," as well as the government of the Republic of Uzbekistan, provides for exploration, development, and production in six "Ustyurt" investment blocks - Boiterak, Terengguduk, Birgori, Kharoy, Gorakalpok, and Gulboy.

"At the initial stage of the Agreement's validity period, geological exploration is planned to identify promising areas. During this period, SOCAR will act as the operator. According to the document, it is planned to complete exploration work and drill at least one exploratory well during the initial five-year period," the information states.

"The signing of the agreement opens new opportunities for strategic cooperation in the energy sector and will benefit both parties," the statement notes.

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