SOCAR completes consolidation of 100% share in PSA for Bahar, Gum Deniz fields in Caspian
BAKU. March 11 (Interfax) - The State Oil Company of the Azerbaijani Republic (SOCAR) has completed the acquisition of a 100% participating interest in the production sharing agreement (PSA) for the development of the Bahar and Gum Deniz fields in the Azerbaijani sector of the Caspian Sea, SOCAR said.
As of August 15, 2025, SOCAR secured the acquisition of 100% of the shares in Bahar Energy Operating Company Ltd (BEOC), as a result of which the project is managed by SOCAR. The company has developed a strategic roadmap for the partial (60%-70%) transfer of shares in the Bahar field.
"SOCAR has successfully completed the process of acquiring a 100% participating interest in the PSA for the Bahar and Gum Deniz fields, as well as in the operating company BEOC (Bahar Energy Operating Company) engaged in their development. Following these changes, BEOC has updated its logo and implemented SOCAR's corporate values," SOCAR said.
According to SOCAR, as part of the PSA implementation, the assessment of the remaining reserves of these fields has now been fully completed.
"Currently, the stage of selecting a contractor from among companies such as SLB (formerly Schlumberger, USA), Aquaterra Energy (UK), Wood (UK), Subsea 7 S.A. (Luxembourg), as well as determining the future infrastructure and well potential, continues. In parallel, initial contacts with potential investors have started," it said.
The process of creating static and dynamic models of the Bahar and Gum Deniz fields has also been completed, it said. "A plan of measures for developing onshore and offshore infrastructure has been developed, aimed at increasing production levels and minimizing risks. As part of this plan, a major overhaul of the first selected well, BHR77, has been carried out, which contributed to a 50% increase in gas production at the field," it said.
The president of BEOC and deputy vice president for exploration and production at SOCAR, Anar Aliyev, previously said that first oil under the project for the redevelopment of the Bahar and Gum Deniz fields is planned for late 2027 and early 2028. To this end, appropriate steps are being taken as part of the project for redeveloping these fields under the initial development scheme by creating infrastructure that meets modern technological standards, drilling new production and exploration wells and modernizing production and transportation systems.
A contract has been signed between BEOC and SLB under the redevelopment project for the Bahar and Gum Deniz fields under the initial development scheme.
The Bahar field has been in operation since 1968, Gum Deniz since 1955. Both are of strategic importance for the development of Azerbaijan's energy industry.
Gum Deniz extends into the Azerbaijani sector of the Caspian Sea, starting from Gum Island in the southern part of the Absheron Peninsula for approximately 12 km in a seaward direction. Bahar is located at a distance of approximately 20 km.
