A total of 180,000 barrels of oil were produced from the Bahar offshore field in Azerbaijan's sector of the Caspian Sea last year, according to the Azerbaijan Chamber of Accounts' audit report on the formation and use of the State Oil Fund of Azerbaijan (SOFAZ).
Oil production declined by 10% compared with the previous year and was 5.3% below the forecast.
The field also produced 165.9 million cubic meters of natural gas during the reporting period, down 8.4% year-on-year and 12.9% below the projected level.
SOCAR and Bahar Energy Limited signed a production sharing agreement on December 22, 2009, covering the exploration, rehabilitation, development and production of the Bahar and Gum-Deniz fields. Under the agreement, Bahar Energy Limited held an 80% stake, while SOCAR owned the remaining 20%. The agreement was signed for 25 years with an option for a five-year extension.
As of August 15, 2025, SOCAR completed the acquisition of a 100% participating interest in the production sharing agreement for the Bahar and Gum-Deniz fields, as well as the operating company BEOC (Bahar Energy Operating Company).