BAKU, Azerbaijan, February 4. Azerbaijan’s State Oil Fund (SOFAZ) is expected to generate $500,000 in revenues from the sale of profit oil and gas from the Bahar-Gum Deniz block in 2025, Trend reports with reference to the Chamber of Accounts.
The state’s share in gas production from the block is projected to reach 3 million cubic meters, while its share in oil production is estimated at 4,000 barrels.
The Bahar-Gum Deniz block is expected to produce 190.53 million cubic meters of gas in 2025, an increase of 6.13% compared to the estimated 179.50 million cubic meters in 2024.
In terms of oil production, the forecast for 2025 stands at 0.19 million barrels, which is the same as the estimated output for 2024. However, this is a decrease of 5% compared to the 0.20 million barrels produced in 2023.
Greenfields Petroleum Corporation, through its wholly owned subsidiary Bahar Energy Limited (BEL), owns an 80 percent interest in the Exploration, Rehabilitation, Development and Production Sharing Agreement with SOCAR and its affiliate SOCAR Oil Affiliate in respect of the offshore block known as Bahar-Gum Deniz (the Bahar Project), which consist of a Contract Rehabilitation Area including the Bahar Gas Field and the Gum Deniz Oil Field and an Exploration Area.
The Bahar Project is located south of the Absheron Peninsula and a few kilometers to the east of Baku. It comprises producing oil and gas fields lying offshore Azerbaijan in the shallow waters (up to 10 meters deep) of the Caspian Sea.
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