BP Acquires 40% Stake in Uzbek Oil and Gas Blocks

Deep News05-13

BP PLC announced on Wednesday that it has acquired a 40% participating interest in production sharing agreements for six oil and gas exploration blocks in the Ustyurt region of Uzbekistan. This move marks the company's renewed focus on its traditional energy business.

In 2021, under the green transition strategy promoted by then-CEO Bernard Looney, BP exited exploration activities in this area. At that time, Looney had pledged to cut oil and gas production by 40% by 2030. However, the company is now returning to fossil fuel operations.

Joe Christoforoli, BP's regional president for Azerbaijan, Georgia, and Turkey, stated on Wednesday, "We believe Uzbekistan holds significant resource potential and view this partnership as an opportunity to support the exploration and development of the country's oil and gas resources."

BP acquired the 40% interest from existing partners, the State Oil Company of Azerbaijan Republic (SOCAR) and Uzbekneftegaz. Following the transaction, the latter two will each hold a 30% stake. SOCAR will remain the operator for the six blocks, which include Boytalik, Terenquduq, Birlik, Karauyl, Karakalpak, and Kurboi.

BP had initially signed an exploration cooperation agreement with SOCAR and Uzbekneftegaz back in 2018.

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