In 2025, BP and its co-venturers spent around $2.315 billion in operating expenditure and around $1.087 billion in capital expenditure on Shah Deniz activities, bringing the total to approximately $3.402 billion, Report informs.
According to the 2025 full-year results, released by the field operator BP-Azerbaijan, jointly with its partners, the majority of the spending was associated with the Shah Deniz 2 project.
The agreement for exploration, development, and production sharing of the Shah Deniz field was signed on June 4, 1996, and the production sharing agreement (PSA) was ratified on October 17, 1996. The field, located 70 kilometers southeast of Baku, was discovered in 1999.
Shah Deniz participating interests are: BP (operator – 29.99%), LUKOIL (19.99%), TPAO (19.00%), SGC (16.02%), NICO (10.00%) and MVM (5.00%).