Uzbekneftegaz calls for new partners to participate in joint project with SOCAR on Ustyurt plateau JSC Uzbekneftegaz is inviting new partners to join the production sharing agreement (PSA) signed with the State Oil Company of the Azerbaijani Republic (SOCAR) for work on the investment blocks of Uzbekistan's Ustyurt oil and gas region, Uzbekneftegaz Board Chairman Bahodirjon Sidikov said."Recently, we announced the start of cooperation with SOCAR [in the Ustyurt oil and gas region]. We are also inviting third partners to this cooperation, and this will become part of our agreement," Sidikov said at the 16th Kazenergy Eurasian Forum "The New Energy Order: Focus on Middle Powers" in Astana on Thursday.Uzbekistan has been experiencing a decline in natural gas production for a long time, but the application of modern technologies, the attraction of qualified specialists and reliable partners open up opportunities to change the situation for the better this year, Sidikov said."We understand well that we still have much to do in the field of energy conservation. The modernization of systems consuming natural gas is needed. At the same time, we continue to work on increasing gas production as part of our daily activities. In this context, we are primarily talking about new geological exploration and investment involving experienced partners and advanced technologies. We are already seeing certain positive shifts, starting from the current year - new gas fields have been discovered in the Ustyurt plateau," he said.For the first time in a long time in Uzbekistan, deep wells with a depth of 5,000 meters are being drilled in the blocks of the Ustyurt oil and gas region to discover hydrocarbon reserves, he said. The average depth was previously around 3,000 meters, but now the company is considering more complex fields and plans to drill deeper."Currently, the depth of the wells on the Ustyurt plateau is about 5,000 meters, and this is already a serious challenge today. If two years ago I had said that we would be able to drill to such a depth and it would take us about a year, approximately 300 days, now with the use of the right technologies, modern equipment, and thanks to cooperation with experienced partners, we can do it in two months. This is a fundamentally new approach and completely different prospects. We can start production at new fields significantly faster than before - and this is a major, positive achievement," Sidikov said.As reported, the Uzbek Energy Ministry, SOCAR and Uzbekneftegaz signed a PSA on July 24, 2025, providing for geological exploration and subsequent production of hydrocarbons in six investment blocks of the Ustyurt oil and gas region - Boyterak, Terengkuduk, Birgory, Kharoy, Karakalpok and Kulboy.According to forecasts, a field with oil reserves of 100 million tonnes and natural gas reserves of 35 billion cubic meters may be found in the Ustyurt blocks. It is assumed that after the launch of the project, it will be possible to produce 5 million tonnes of oil annually on the Ustyurt plateau.In accordance with the terms of the PSA, during the initial five-year period, 3D seismic surveying is planned on an area of at least 1,000 square km, and based on its results, geological exploration work will begin on one well. In case of discovery of commercially viable hydrocarbon fields, the parties will proceed with their development and subsequent production.Total investment in the project is estimated at $2 billion. (ICE ALMATY)

Fonte notizia: Interfax