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BP PLC on Wednesday confirmed that it had entered a production sharing contract in Uzbekistan. The London-based oil major said the agreement covers six blocks in the North Ustyurt region, including the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq and Qulboy blocks. BP has acquired 40% participating interest in the PSA, buying 20% from each of the existing partners, the State Oil Company of the Republic of Azerbaijan, or SOCAR, and Uzbekistan’s national fuel company Uzbekneftegaz, which each retain 30%. The PSA was originally signed in July 2025 between operator SOCAR, Uzbekneftegaz and the Ministry of Energy of the Republic of Uzbekistan. Operations are currently in their first phase, with SOCAR carrying out seismic activities. BP shares rose 0.5% to 550.50 pence on Wednesday morning in London. Brent oil was trading at $106.12 a barrel early Wednesday, lower than $108.07 late Tuesday. Gio Cristofoli, BP’s regional president for Azerbaijan, Georgia and Turkiye, commented: ‘We believe Uzbekistan has significant resource potential and see this as an opportunity to support the exploration and development of the country‘s oil and gas resources, delivering longterm benefits to the region.’ Uzbekistan’s Minister of Energy Jurabek/ Mirzamahmudov stressed that this was ‘not merely a commercial agreement, but a direct testament to international investors’ confidence in the reforms being carried out in Uzbekistan and in our strategic course toward the development of the energy sector’. Rovshan Najaf, President of SOCAR, added: ‘This project, which will make a significant contribution to the development of energy cooperation between Azerbaijan and Uzbekistan, is a clear manifestation of the relations between our brotherly countries based on mutual trust, shared interests, and long-term strategic goals.’ Earlier this month, Bloomberg reported that BP was considering exiting its operations in the UK North Sea, which could fetch about £2 billion in a full divestment, according to people familiar with the matter. BP is targeting around $20 billion in divestments by the end of 2027. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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