BP says gas and condensate output at Shah Deniz remains stable

BP-Azerbaijan produced 7 billion cubic metres of gas and 1 million tonnes of condensate from the Shah Deniz gas condensate field in the first quarter of 2026, broadly unchanged from the same period last year, the company said.

Operating expenditure at Shah Deniz totalled $785 million in January-March, up from $726 million a year earlier. Capital expenditure rose to $336 million from $213 million in the first quarter of 2025.

Operating costs for the South Caucasus Pipeline, which carries Shah Deniz gas towards Turkey and Europe, stood at $30 million, compared with $24 million a year earlier.

Average daily throughput via the pipeline increased to 63.5 million cubic metres from 60.8 million cubic metres in the first quarter of 2025.

BP said work on the $2.9 billion Shah Deniz Compression project was progressing on schedule and was expected to be completed in 2029. The project is designed to unlock an additional 50 billion cubic metres of gas and 25 million barrels of condensate.

Shah Deniz reserves are estimated at about 1.2 trillion cubic metres of gas. BP says around a quarter of the field’s resources have been produced so far.