Oil production in Azerbaijan is projected to reach approximately 576,000 barrels per day in 2025 before slightly declining to 571,000 barrels per day in 2026, according to new estimates by Fitch Ratings.
Azerbaijan’s energy strategy continues to prioritize maintaining stable output from its flagship Azeri-Chirag-Gunashli (ACG) field, which is expected to consistently produce around 340,000 barrels of oil per day over the coming years.
Turning to natural gas, Fitch anticipates production will climb to 50.3 billion cubic meters in 2025, largely supported by the start of deep-gas extraction at the ACG block. A modest decrease to about 49 billion cubic meters is forecast for 2026.
Official figures show that from January to May 2025, Azerbaijan produced 20.91 billion cubic meters of natural gas, including 16.192 billion cubic meters of commercial gas. Over the same period, oil output — factoring in gas condensate — totaled 11.438 million tons, with 11.411 million tons recorded as commercial oil.
The landmark contract for the joint development of the Azeri, Chirag and deepwater Gunashli fields, initially signed in 1994, reached its term in 2024. However, in 2017, the consortium partners renewed the agreement, extending it through 2050.
Under the revised terms, project ownership is divided among key stakeholders as follows: BP (operator) holds a 30.37% stake, the State Oil Company of Azerbaijan (SOCAR) has 31.655%, MOL of Hungary owns 9.57%, ExxonMobil 6.79%, India’s ONGC Videsh 2.925%, Japan’s Inpex Corp. 9.31% and Itochu Oil 3.65%, while Turkey’s TPAO controls 5.73%.
The updated partnership underscores continued international commitment to sustaining Azerbaijan’s pivotal role in global energy markets.
https://report.az/en/energy/fitch-azerbaijan-to-keep-sustainable-oil-gas-production-volumes/