Azerbaijan's oil output hits nearly 7M tons in Q1 2026

In January-March of 2026, Azerbaijan produced 6.6 million tons of oil (including condensate), down 0.3 million tons, or 4.3%, compared to the same period last year, Report informs, citing the country's Energy Ministry.

According to operational data for the first quarter of 2026, of the total volume, 3.9 million tons came from the Azeri–Chirag–Gunashli (ACG) block of fields, representing a decline of 0.1 million tons or 2.5% year-on-year (YoY).

The Shah Deniz field produced 0.9 million tons of condensate, down 0.1 million tons or 10% YoY. The Absheron field accounted for 0.1 million tons of condensate, which is 0.04 million tons or 28.5% lower than in Q1 2025.

During the reporting period, State Oil Company of Azerbaijan's (SOCAR) oil production (including condensate) totaled 1.7 million tons, 0.1 million tons (5.5%) less than in the first quarter of 2025.

Since the start of operations, nearly 675 million tons of oil (including condensate) have been extracted from the ACG and Shah Deniz fields. ACG has produced 621.7 million tons of oil, while Shah Deniz has yielded about 53.3 million tons of condensate.

The Absheron field was discovered by Azerbaijani geologists in the 1960s. The field is reported to contain 350 billion cubic meters of gas.

The first oil from the Azeri–Chirag–Gunashli (ACG) block, located about 100 km off the coast of Azerbaijan, was produced in 1997. The first production sharing agreement (PSA) for the development of the block was signed on September 20, 1994. On September 14, 2017, a new agreement was signed on the joint operation and production sharing of these fields, which envisages their development until the end of 2049.

The agreement on the exploration, development, and production sharing of the Shah Deniz prospective area was signed on June 4, 1996. The PSA for Shah Deniz was ratified on October 17, 1996. The field, located 70 km southeast of Baku, was discovered in 1999.