Azerbaijan's oil, gas revenues slightly exceed forecast

In the first quarter of 2026, revenues from Azerbaijan's oil and gas sector exceeded 4.06 billion manats (approximately $2.4 billion), accounting for 42.3% of total budget revenues, Report informs, citing the country's Ministry of Finance.

According to the latest data, this figure was only marginally above expectations, surpassing the forecast by 12.4 million manats (approximately $7.3 million) or 0.3%.

Oil and gas revenues for the January–March period consisted of 854.9 million manats (just under $503 million) in tax revenues, which represented 21% of the total, and 3.21 billion manats (nearly $1.89 billion) in transfers from the State Oil Fund of Azerbaijan (SOFAZ), making up 79%.

Of the tax revenues collected, 417.4 million manats (just over $245.5 million), or 48.8%, came from the State Oil Company of Azerbaijan (SOCAR) in the form of taxes and other payments. A further 319.5 million manats (almost $188 million), or 37.4%, were generated from profit tax on the Shah Deniz field, while 118 million manats (just over $69.4 million), or 13.8%, came from profit tax on the Azeri–Chirag–Gunashli field.