The project launch ceremony took place in Tashkent, where Energy Minister Parviz Shahbazov met with the President of Uzbekistan Shavkat Mirziyoyev to discuss new energy initiatives.
During the videoconference, joint projects of Uzbekistan with partners from Turkey, the UAE, Saudi Arabia, China, and Azerbaijan were also presented, covering various regions of the country.
Parviz Shahbazov emphasized the importance of the Trans-Caspian Energy Corridor, which will be a significant step towards connecting the energy systems of Azerbaijan, Uzbekistan, and Kazakhstan.
An office of Ustyurt Operating Company was opened in the capital of Uzbekistan, established for geological exploration and hydrocarbon extraction in the oil and gas Ustyurt region.
The launch of the office signifies that the project is moving into an active implementation phase, as stated in the official announcement.
According to "Uzbekneftegaz," the activities of Ustyurt Operating Company are aimed at increasing the resource base, enhancing the efficiency of geological exploration, and ensuring the sustainability of the energy sector.
Previously, an agreement was signed between the Ministry of Energy of Uzbekistan, SOCAR, and "Uzbekneftegaz" regarding the production sharing. This agreement covers geological exploration and hydrocarbon extraction in the investment blocks of the Ustyurt oil and gas region, including Boyterak, Terengkuduk, Birgori, Kharoy, Karakalpak, and Kulboy.
As part of the project, it is planned to invest 2 billion US dollars.
