Baku, July 17, AZERTAC
The State Oil Company of Azerbaijan (SOCAR), acting as operator for the Ustyurt geological exploration project in Uzbekistan, has announced that considering the large volume of seismic data collected within the framework of the project, the seismic data processing will be completed in Q1 2027, SOCAR said in response to an inquiry from AZERTAC.
The company noted that the specific figures on geological reserves will be disclosed after the obtained data has been fully analyzed.
"Once the seismic data processing and interpretation phase is complete, planning for the first exploration well will begin. Following a comprehensive analysis of the data, the project updates will be disclosed to the media,” the company added.
The production sharing agreement (PSA) for six blocks (the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq and Qulboy blocks) in the North Ustyurt region of the Republic of Uzbekistan, was originally signed on 24 July 2025 between SOCAR, Uzbekneftegaz and the Ministry of Energy of the Republic of Uzbekistan. The project is currently in its first phase, with SOCAR, as operator, undertaking seismic activities.
Following bp’s entry, the participating interests in the PSA are: bp 40%, Uzbekneftegaz 30% and SOCAR 30% (operator).