Shah Deniz brings SOFAZ over 564 million manats in revenue

In January–September 2026, Azerbaijan's State Oil Fund (SOFAZ) generated 564.1 million manats (just over $331.8 million) in revenue from the development of the Shah Deniz gas field in the Azerbaijani sector of the Caspian Sea, Report informs, citing the fund.

According to the latest data, this is 131.9 million manats (approximately $77.6 million), or 20% less, than in the same period of 2025.

The agreement on the exploration, development and production sharing of the Shah Deniz prospect area was signed on June 4, 1996. The Production Sharing Agreement (PSA) for Shah Deniz was ratified on October 17, 1996. Located 70 kilometers southeast of Baku, the field was discovered in 1999.

Under agreements signed in Baku on December 17, 2013, the term of the Shah Deniz PSA was extended from 2036 to 2046.

The current Shah Deniz stakeholders are: BP (operator, 29.99%), Lukoil (19.99%), TPAO (19%), NICO (10%), Southern Gas Corridor CJSC (16.02%), and MVM (5%).