BP enters Uzbekistan with 40% exploration stake, signaling traditional energy refocus

BP acquired a 40% participating interest in six oil and gas exploration blocks in Uzbekistan’s North Ustyurt region. The transaction marks the British energy giant’s first project within the country.

BP secured the interest by purchasing 20% stakes from each of the existing partners, SOCAR and Uzbekneftegaz. Following the deal, SOCAR will serve as the project operator with a 30% stake. Uzbekneftegaz will also maintain a 30% holding in the venture.

The project is currently in its first five-year development phase. This stage includes planned seismic activities and the drilling of an initial exploration well.

Partners signed the agreement in Tashkent during the Oil and Gas of Uzbekistan Conference – 2026. The move expands BP's footprint in Central Asia and underscores a strategic return to traditional hydrocarbon exploration.