Uzbekneftegaz and Azerbaijan’s SOCAR company have launched a joint project to explore and extract natural resources in the Ustyurt region of Karakalpakstan. At the project’s opening ceremony, Azerbaijan’s Minister of Energy Parviz Shahbazov stated that this initiative reaffirms the strategic partnership between the two countries in the energy sector and lays the foundation for knowledge and technology exchange in the hydrocarbon field.
The agreement on joint exploration and extraction of hydrocarbons was signed this summer. According to the document, part of the extracted resources will be delivered to Tashkent, while the remainder will be sent to Baku.
The geological exploration process and drilling of at least one well are planned to be completed within five years. Additionally, earlier this December, an office for the Ustyurt Operating Company was opened in the capital of Uzbekistan.
This company manages operations in the Ustyurt Plateau. According to Azerbaijani sources, the company was registered in a short period.
It has been revealed that Uzbekistan and Azerbaijan plan to invest nearly $2 billion in extracting resources from the Ustyurt Plateau. Assessments indicate the region contains reserves of 35 billion cubic meters of gas and 100 million tons of oil.
International company BP has also expressed interest in the project.
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