On 13 May 2026, during the “The 28th International Oil and Gas Exhibition and Conference of Uzbekistan” (OGU 2026) in Tashkent, documents were signed on the accession of bp to the Production Sharing Agreement (PSA) for the exploration, development and production of the Ustyurt investment blocks.

The documents, covering the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq and Qulboy blocks, were signed by SOCAR President Rovshan Najaf, Minister of Energy of the Republic of Uzbekistan Jurabek Mirzamakhmudov, Chairman of the Board of Uzbekneftegaz Abdugani Sanginov, and Giovanni Cristofoli, Regional President for Azerbaijan, Georgia and Türkiye at bp.

Under the agreement, bp has acquired a total 40% participating interest in the project, in which SOCAR acts as operator. Of this share, 20% was acquired from SOCAR and 20% from Uzbekneftegaz. Under the new agreement, SOCAR will hold a 30% participating interest, Uzbekneftegaz 30%, and bp 40%.

The agreement follows the signing of a Production Sharing Agreement on July 24, 2025, between SOCAR-Uzbekneftegaz Consortium, and the Government of the Republic of Uzbekistan for the exploration, development, and production of the Ustyurt investment blocks in Uzbekistan.

The project is currently at an early stage, with SOCAR, as operator, carrying out seismic survey activities.

About SOCAR

SOCAR is one of the leading international energy companies. In order to ensure the economic interests of the Azerbaijani people, SOCAR is a major operator and participant in a number of transnational projects across the country and abroad. The company is active in all the oil and gas industry value chains. Exploration of oil and gas fields, production, processing and transportation of oil, gas and gas condensate constitute the main part of the operations of SOCAR. SOCAR also exports natural gas, oil and petrochemical products to the country's market, as well as international markets. The company's goal is to become a vertical integrated international energy company with advanced experience in the field of effective operation, social and environmental responsibility. As an important EU energy supplier, SOCAR plays a special role in the sustainable economic development of Europe.

About bp

bp (NYSE: BP, LSE: BP.L) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.