BP stock (GB0007980591): Energy giant expands Central Asia operations with 40% stake

BP announced on May 13, 2026, that it has secured a 40% participating interest in a production-sharing agreement (PSA) for six oil and gas exploration blocks located in Uzbekistan and Azerbaijan, according to GuruFocus as of May 13, 2026. The London-listed energy company acquired its stake by purchasing 20% from each of the existing partners: the State Oil Company of the Republic of Azerbaijan (SOCAR) and Uzbekistan's national fuel company Uzbekneftegaz, which each retain 30% of the agreement.

As of: 13.05.2026

By the editorial team – specialized in equity coverage.

BP: core business model

BP operates as an integrated energy company engaged in the exploration, production, refining, and marketing of crude oil and natural gas. The company's portfolio spans multiple geographic regions and includes both conventional hydrocarbon assets and an expanding renewable energy segment. The Central Asian expansion announced on May 13, 2026, reflects BP's strategy to maintain and grow its upstream production base in strategically important regions with established infrastructure and stable regulatory frameworks.

Main revenue and product drivers for BP

BP's revenue is primarily generated through the sale of crude oil, natural gas, and refined petroleum products. The company's upstream segment—exploration and production—remains a core profit driver, with major operations in the North Sea, Gulf of Mexico, and increasingly in emerging markets like Central Asia. The acquisition of the 40% stake in the Uzbekistan and Azerbaijan blocks adds to BP's portfolio of long-term production assets, diversifying geographic risk and providing access to new reserves in a region with growing energy demand.

The stock traded at 550.50 pence on May 13, 2026, on the London Stock Exchange, according to LSE as of May 13, 2026, with shares rising 0.5% on the announcement. For US investors, BP trades as an American Depositary Receipt (ADR) on the New York Stock Exchange under the ticker BP, providing direct exposure to the company's global energy operations and strategic positioning in emerging markets.

Conclusion

BP's acquisition of a 40% stake in the Uzbekistan and Azerbaijan production-sharing agreement represents a strategic move to expand its upstream portfolio in Central Asia. The transaction, announced on May 13, 2026, underscores the company's commitment to maintaining production growth and geographic diversification amid the global energy transition. For US-listed investors, the move signals BP's continued focus on conventional energy assets while the company simultaneously develops renewable energy capabilities.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.