What specific assets did BP acquire in Uzbekistan, and what is its new ownership stake?

BP acquired a 40% participating interest in a production sharing agreement (PSA) covering six oil and gas exploration blocks in Uzbekistan's Ustyurt region — specifically the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy blocks. This stake was purchased from existing partners SOCAR and Uzbekneftegaz, which now each hold 30%, while SOCAR remains the operator of the blocks.

Why does BP's re-entry into Uzbekistan represent a strategic shift, and how does it contrast with its prior position?

BP's acquisition marks a clear strategic pivot away from its earlier 'green push' under former CEO Bernard Looney, who had pledged to cut oil and gas output by 40% by 2030 and led BP to exit exploration in the region in 2021; the company is now refocusing on traditional energy, citing Uzbekistan's 'significant resource potential' as an opportunity to support the exploration and development of the country's oil and gas resources.

BP buys 40% stake in Uzbekistan oil and gas blocks

May 12, 2026

BP acquired a 40% stake in six oil and gas exploration blocks in Uzbekistan's Ustyurt region from SOCAR and Uzbekneftegaz. This acquisition marks a strategic pivot back to traditional energy following the company's previous green initiatives.

reuters

2026-05-12

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