BP buys 40 percent stake in Uzbekistan energy blocks
BP has acquired a 40 percent interest in six exploration blocks in the Ustyurt region as the company pivots back toward traditional fossil fuel production. The deal with partners SOCAR and Uzbekneftegaz marks a return to regional exploration following a previous strategic shift in 2021.
BP PLC acquired a 40% stake in six oil and gas exploration blocks in Uzbekistan on Wednesday. The deal marks a return to the region after the company exited exploration there in 2021 under then-CEO Bernard Looney, who had pledged to cut oil and gas output by 40% by 2030. The company is now refocusing on traditional energy assets.
### Reversing the Green Energy Retreat The acquisition covers a production sharing agreement in the Ustyurt region. BP purchased the interest from existing partners SOCAR and Uzbekneftegaz, which now hold 30% each. SOCAR will continue as the operator for the Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy blocks.
