SOCAR has developed a strategic roadmap for the partial transfer of stakes (60–70%) in the Bahar field located in the Azerbaijani sector of the Caspian Sea to investors, Report informs, citing Bahar Energy Operating Company (BEOC), the operator of the Bahar and Gum-Deniz fields.
Efforts to attract investors will continue in the first quarter of 2026 within the framework of the roadmap.
Changes were made to the ownership structure of the Bahar and Gum-Deniz fields, and as of August 15, 2025, 100% of the shares in BEOC were acquired by the State Oil Company of Azerbaijan (SOCAR). As a result, the project came under SOCAR's management based on a Production Sharing Agreement.
The Bahar field has been in operation since 1968, while the Gum-Deniz field has been developed since 1955. Both fields are of strategic importance to Azerbaijan's energy industry. The Gum-Deniz field is located in the Azerbaijani sector of the Caspian Sea, extending about 12 km offshore from Gum Island, south of the Absheron Peninsula. The Bahar field is situated approximately 20 km from the coastline.