Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan and the State Oil Company of Azerbaijan (SOCAR) have signed a production sharing agreement for the Ustyurt Plateau. According to the O’zbekiston 24 TV channel, the project is valued at nearly $2 billion. The agreement provides for large-scale seismic surveys, geological exploration, and subsequent hydrocarbon production.

Experts forecast that in six investment blocks of the Ustyurt oil and gas region, a “giant” field may be discovered, with reserves estimated at up to 100 million tons of oil and about 35 billion cubic meters of natural gas.

Once the project reaches full capacity, annual oil production could rise to 5 million tons, which is two and a half times the country’s current import levels. This mega-project, implemented jointly with SOCAR, could fully cover Uzbekistan’s oil needs for the next 25 years.

Adhamjon Ubaydullaev, head of the Main Directorate at the Ministry of Energy, stated that about $2 billion in investments will be directed toward the implementation of the three-stage program. He emphasized that special hopes are tied to ensuring the domestic market is supplied with gas and affordable, high-quality petroleum products for industrial needs.

It should be recalled that last week the President instructed to increase oil and natural gas production at existing fields.