BAKU, Azerbaijan, August 4. The actual output and revenue from a number of oil and gas fields of the State Oil Fund of Azerbaijan (SOFAZ) fell short of the approved forecast figures in 2025.
This is reflected in the Chamber of Accounts' audit report on the formation of SOFAZ's funds and their use across key areas.
According to the report, annual oil production at the Azeri-Chirag-Gunashli (ACG) field was forecasted at 123.01 million barrels, while actual production amounted to 119.81 million barrels. This represented a shortfall of 3.2 million barrels, with the forecast fulfilled at 97.4%.
At the Bahar field, oil production was forecast at 0.19 million barrels, while actual output reached 0.18 million barrels. The difference was 0.01 million barrels, with an execution rate of 92.26%.
At the same time, gas production at the Bahar field totaled 165.88 million cubic meters, compared to the forecasted 190.53 million cubic meters. The shortfall amounted to 24.65 million cubic meters, with execution at 87.06%.
At the Zigh-Hovsan Absheron field, production reached 0.38 million barrels against the forecasted 0.48 million barrels. The difference was 0.09 million barrels, with execution at 80.93%.
Other fields also failed to meet forecast targets. Production at the Binagadi field reached 0.97 million barrels against the forecast 0.99 million barrels (execution – 98.25%), Mishovdag and Kalameddin fields produced 0.60 million barrels against 0.62 million barrels (execution – 96.21%), Kirovdag produced 0.93 million barrels against 1.01 million barrels (execution – 92.04%), while Kursangi and Garabaghli produced 0.85 million barrels against the forecast 0.88 million barrels (execution – 95.6%).
According to the audit report, revenues from the fields also came in below projections. Revenue from the ACG field amounted to $4.8 billion, compared to the forecasted $4.95 billion. The shortfall totaled $77.44 million, with execution at 98.44%.
At the Bahar field, no revenue was recorded from oil production despite a forecast of $280,000.
Revenue from gas production at the Bahar field amounted to $110,000, compared to the forecasted $260,000. The difference was $170,000, with execution at 20.41%.
At the Zigh-Hovsan Absheron field, revenue totaled $1.64 million, compared to the forecasted $3.1 million. The shortfall amounted to $1.46 million, with execution at 52.94%.
At the Kirovdagh field, revenue reached $5.12 million, compared to the projected $6.13 million. The difference was $1.01 million, with execution at 83.48%.
At the Surakhani field, actual revenue totaled $1.07 million, compared to the forecasted $3.24 million. This represented a decline of $2.17 million, with execution at 33.06%.
"In 2025, actual oil production at the Azeri-Chirag-Gunashli field was lower than forecast due to a number of operational and technical factors, including sand ingress in certain wells, the temporary shutdown of some wells, well integrity issues, repair and restoration work that did not fully deliver the expected results, and unplanned outages. These factors resulted in lower execution under this revenue item," the report said.
