By Kamol Ismailov

Copyright trend

TASHKENT, Uzbekistan, September 24. As part of
a memorandum of cooperation in the field of personnel training
signed between Uzbekneftegaz JSC and the State Oil Company of
Azerbaijan (SOCAR), a group of employees from the Uzbek company
visited Baku, Trend
reports via Uzbekneftegaz.

During the internship on the topic “Risk Management in the Oil
and Gas Business,” specialists from the financial and compliance
control department got acquainted with SOCAR’s risk management and
financial control system for the first time. As part of the
meetings and training sessions, the specialists also studied best
practices in technological safety and compliance control and
exchanged experiences with their Azerbaijani colleagues.

Following the internship, it is planned to further improve risk
management processes at Uzbekneftegaz and gradually introduce
international standards and practices. Such cooperation contributes
not only to the professional development of personnel but also to
the bilateral exchange of experience and the strengthening of
strategic partnerships between companies.

In August 2024, Uzbekneftegaz and SOCAR signed a cooperation
agreement in the hydrocarbon sector, which launched geological
research, including seismic exploration and preparation for
hydrocarbon production on the Ustyurt Plateau.

In addition, the parties signed a production sharing agreement
(PSA) on July 24, 2025, which will ensure that Uzbekistan’s
domestic oil demand is fully met for the next 25 years. The gas
produced will be directed to the domestic market, supporting local
industry with affordable and high-quality petroleum products.