SOFAZ records over 2% increase in revenues from Shah Deniz in 1H2025

In the first half of 2025, the State Oil Fund of Azerbaijan (SOFAZ) earned $249.02 million (423.3 million manats) in revenue from the Shah Deniz field, located in the Azerbaijani sector of the Caspian Sea, the SOFAZ told Report.

This marks an increase of $4.92 million, or 2%, compared to the same period in 2024.

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. In December 2013, the PSA term for Shah Deniz was extended from 2036 to 2046.

In Shah Deniz, BP (operator - 29.99%), Lukoil (19.99%), TPAO (19%), NIKO (10%), Southern Gas Corridor (16.02%), and MVM (5%) are shareholders.