BP Returns to Uzbekistan with New Oil and Gas Exploration Deal
British energy giant BP has acquired a 40% participating interest in a production sharing agreement covering six oil and gas exploration blocks in Uzbekistan’s Ustyurt region, the company announced on Wednesday.
The deal marks BP’s return to upstream energy investments in Uzbekistan after the company exited exploration activities in the country in 2021. At the time, BP was pursuing an aggressive low-carbon strategy under former chief executive Bernard Looney, who pledged to cut the company’s oil and gas production by 40% by 2030.
Since then, the London-listed company has shifted its strategy back toward traditional fossil fuel development amid growing global energy demand and pressure to strengthen returns from hydrocarbons.
«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,» said Gio Cristofoli, BP’s regional president for Azerbaijan, Georgia and Turkey.
The production sharing agreement includes six exploration blocks located in the Ustyurt region, an area in northwestern Uzbekistan known for its substantial natural gas reserves and ongoing exploration activity.
The announcement highlights renewed foreign interest in Uzbekistan’s energy sector as the country seeks to expand hydrocarbon production and attract international investment into large-scale exploration projects.
