bp returns to Uzbekistan exploration as it continues the push back into oil and gas

bp has acquired a 40% participating interest in a production ‌sharing agreement (PSA) covering six oil and gas exploration blocks in Uzbekistan.

The deal, confirmed on Wednesday, covers blocks in the Central Asian country’s North Ustyurt region and further drives bp’s refocus on traditional energy. 

Significant resource potential

bp pulled out of exploration in the region in 2021 as it pursued a greener energy agenda under then-CEO Bernard Looney. He had pledged to cut oil and gas output by 40% by 2030, but bp announced a strategic pivot back to fossil fuels in February 2025.

The PSA was signed in Tashkent on the sidelines of the 28th International Oil and Gas Uzbekistan Exhibition and Conference – OGU 2026 by Jurabek Mirzamahmudov, Uzbekistan’s Minister of Energy, Abdugani Sanginov, Chairman of the Management Board of Uzbekneftegaz JSC, Rovshan Najaf, President of SOCAR, and Gio Cristofoli, bp’s regional president for Azerbaijan, Georgia and Türkiye. 

Cristofoli said bp was pleased to be entering its first project in the country.

“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 long‑term benefits to the region,” he commented.

“Our entry into this PSA is also a demonstration of bp further growing its exploration portfolio in support of long-term organic growth.” 

Revived partnership

bp purchased a 40% interest in total from existing partners SOCAR and Uzbekneftegaz, which now hold 30% each.

SOCAR remains the operator of the blocks, including Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy. bp first signed exploration deals with SOCAR and Uzbekneftegaz in 2018.

“The involvement of bp, which has maintained close and efficient partnership relations with SOCAR for many years, will create broad opportunities to ensure effective joint operations within the project,” commented Najaf.

“We believe the extensive experience of SOCAR and bp in the energy sector, along with the capabilities and efforts of Uzbekneftegaz, will make an important contribution to the successful implementation of the project, as well as to the development of the region’s energy potential.” 

The project is currently in its first phase, with SOCAR undertaking seismic activities. 

In 2025, under then-CEO Murray Auchincloss, bp initiated a “fundamental reset” to grow oil production to 2.3–2.5 mbpd by 2030.

Meg O’Neill subsequently took over as CEO last month.