In January–June 2026, the State Oil Fund of Azerbaijan (SOFAZ) earned 437.1 million manats (just over $257.1 million) from the development of the Shah Deniz gas field in the Azerbaijani sector of the Caspian Sea.
According to Report, citing SOFAZ, this represents an increase of 13.8 million manats (just over $8.1 million), or 3.3% compared to the same period in 2025.
The Shah Deniz production sharing agreement (PSA) was signed on June 4, 1996, and ratified on October 17, 1996. Located 70 km southeast of Baku, the field was discovered in 1999.
Under the documents signed in Baku on December 17, 2013, the term of the PSA agreement for the development of the Shah Deniz field was extended from 2036 to 2046.
Project participants include BP (operator – 29.99%), Lukoil (19.99%), TPAO (19%), Southern Gas Corridor (16.02%), NICO (10%), and MVM (5%).