The Ministry of Energy of Uzbekistan, British Petroleum (BP) and Azerbaijani SOCAR are preparing a production sharing agreement (PSA) for the development of deposits in the Uzbek part of the Aral Sea.
The Minister of Energy of Uzbekistan Alisher Sultanov met with the British Ambassador to Uzbekistan Timothy Torlot, where they discussed the implementation of investment projects involving BP and SOCAR.
"In February 2020, the arrival of SOCAR and British Petroleum specialists is planned to discuss the basic conditions for the PSA," the press service said.
To achieve the effectiveness of the upcoming meeting, the British side is expected to accelerate the technical assessment of the joint project.
Uzbekneftegaz’s capacities currently allow for the production of natural gas in the amount of about 70 billion cubic meters and liquid hydrocarbons in the amount of 8 million tons per year. However, due to depletion of reserves and technological losses, hydrocarbon production has dropped significantly over the past 15 years.
According to official statistics, oil production in Uzbekistan in 2019 compared with 2018 decreased by 6.3%, to 698.6 thousand tons, natural gas - by 1.6%, to 59.46 billion cubic meters.