Bahar Energy Operating Company Limited (BEOC) has prepared a strategic roadmap for the partial (60-70%) transfer of stakes in the Bahar field, located in the Azerbaijani sector of the Caspian Sea, to investors, Azernews reports, citing the company.
According to information, the operator of both the Bahar and Gum-Deniz fields, efforts to attract investors under this roadmap will continue in the first quarter of 2026.
It should be noted that the ownership structure of the ‘Bahar’ and ‘Gum-Deniz’ fields has recently changed. As of August 15, 2025, 100% of the shares in BEOC were acquired by the State Oil Company of Azerbaijan (SOCAR), bringing the project under SOCAR’s full management within the framework of the Production Sharing Agreement (PSA).
The ‘Bahar’ field has been in operation since 1968, while the ‘Gum-Deniz’ field has been producing oil since 1955. Both fields hold strategic importance for Azerbaijan’s energy sector. The ‘Gum-Deniz’ field stretches approximately 12 km offshore from Qum Island, located south of the Absheron Peninsula in the Azerbaijani sector of the Caspian Sea, while the ‘Bahar’ field lies roughly 20 km from the coast.