The Ministry of Energy of the Republic of Uzbekistan, the State Oil Company of the Azerbaijan Republic (SOCAR), and the joint-stock company Uzbekneftegaz have signed a Production Sharing Agreement (PSA) providing for geological exploration and subsequent hydrocarbon production in investment blocks of the Ustyurt oil and gas region, SİA informs, citing a press release from Uzbekistan’s Ministry of Energy as the source of this information.
“Under the terms of the agreement, 3D seismic surveys will be carried out over an area of at least 1,000 sq. km, followed by exploratory drilling of one well based on the survey results. In the event of discovering commercially viable hydrocarbon reserves, the parties will proceed to the development and subsequent production stages,” the statement says.
The ministry noted that the signing of the agreement represents an important step in strengthening energy cooperation between Uzbekistan and Azerbaijan and lays a solid foundation for long-term collaboration in the exploration and development of hydrocarbon resources.
“The signing of this agreement is evidence of our long-term strategy to develop the energy sector in Central Asia and the Caspian region. SOCAR enthusiastically begins the implementation of this project, leveraging its experience and advanced technological solutions. We are confident that this cooperation will make a significant contribution to ensuring energy security and developing Uzbekistan’s infrastructure,” said Rovshan Najaf, President of SOCAR.
Bütün xəbərlər Facebook səhifəmizdə
USD
EUR
GBP
RUB