February 5, 2020 / 7:27 AM / 14 days ago

Uzbekistan to hold talks over oil and gas production deal with BP, SOCAR this month

TASHKENT (Reuters) - Executives from BP and Azerbaijan’s SOCAR will visit Uzbekistan this month for talks about potential production sharing agreements to develop local hydrocarbon deposits, the Central Asian nation’s energy ministry said on Wednesday.

Uzbekistan, keen to attract foreign investment to tap its large natural gas reserves, has been in talks with the two companies about three contract territories in its western Ustyurt region.

On Wednesday, the ministry said in a statement it planned to host talks with SOCAR and BP representatives this month “to discuss the main terms of a production sharing agreement”. It provided no further details.

The former Soviet republic produces about 60 billion cubic meters of gas per year, exporting some of its output by pipelines to China and Russia.

Reporting by Mukhammadsharif Mamatkulov; Writing by Olzhas Auyezov; Editing by Louise Heavens

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