SOCAR to open mature oil and gas fields to investors in 2026

Azerbaijan’s state oil company SOCAR plans to open several mature oil and gas fields to investors in 2026, aiming to tap significant remaining reserves despite decades of production. Vice-president Babek Huseynov told Anews that the initiative targets fields with substantial untapped potential.

The core asset of the programme will be the Bahar field, discovered in 1969. According to Huseynov, only around 10% of its resources have been extracted, while remaining reserves are estimated to be at least three times larger. A final reassessment will be completed by late 2025.

To date, “Bahar” has produced roughly 20 million tonnes of oil and 140 billion cubic metres of natural gas.

The investment package may also include the Gum-Deniz field, discovered in 1955 and linked to Bahar via existing infrastructure. It has yielded around 30 million tonnes of oil and 27 bcm of gas, with reserves currently under revision.

Huseynov said the redevelopment of mature assets using modern technologies will boost recovery rates and improve efficiency.

Azerbaijan has identified more than 80 hydrocarbon fields, with active production ongoing at 58, including 39 offshore and 19 onshore. Historically, the country has produced nearly 2.5 billion tonnes of oil and over 1 trillion cubic metres of gas.

 Over the next 25 years, the global oil and gas industry will require around $350 billion in annual investment, part of which is expected to flow into the Caspian region.

N.Tebrizli