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UK energy giant BP is shaping up as the pivotal player in the development of Ustyurt’s potential energy riches.
BP signed an exploration deal with KazMunayGaz for a promising Ustyurt block on April 2.
KEY POINTS
- Uzbekistan and SOCAR signed a 2025 production sharing agreement covering at least 1,000 square kilometers in Ustyurt.
- KazMunayGaz announced discovery of the Zhylyoi deposit, estimated at over 20 billion tons of hydrocarbons.
- Zhylyoi's onshore location reduces capital costs compared to offshore Kashagan and offers Kazakhstan higher revenue share.
- BP is considering a new trans-Caspian gas corridor to transport Kazakh and Turkmen gas to Europe.
COMPANIES
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