Capital expenditures on Shah Deniz field grew by 16% in 1H2025

In the first half of 2025, bp and its co-venturers spent around $1,282 million in operating expenditure and around $472 million in capital expenditure on activities for the Shah Deniz field, located in the Azerbaijani sector of the Caspian Sea, Report informs, citing BP-Azerbaijan.

The amount of operating expenditures for the Shah Deniz field increased by $31 million or 2.5% year-on-year (YoY), while the volume of capital expenditures rose by $65 million or 16% YoY.

The majority of which 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 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%).