BP (BP) entered a production sharing agreement for six blocks in Uzbekistan's North Ustyurt region, marking the company's first project in the country, the company said Tuesday.
Under the agreement, BP acquired a 40% stake in the PSA from existing partners SOCAR and Uzbekneftegaz, which will each retain 30%, with SOCAR remaining the operator, the company said.
The PSA covers the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq and Qulboy blocks and is currently in its initial phase, with SOCAR carrying out seismic activities, it added.
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