Babak Huseynov: Bahar field holds major potential

"The Bahar field has great potential, and we will move it forward," SOCAR Vice President Babak Huseynov stated at the SPE Caspian Technical Conference 2025 held in Baku, Report informs.

According to him, the main priority now is to take advantage of existing assets: "This is the number one issue. The second important matter is new fields. These are our redevelopment opportunities. In this sense, the Bahar field is an excellent example. Significant work has been done to understand its underground value."

Huseynov emphasized that expanding the boundaries of recovery rates is a priority for SOCAR.

SOCAR and Bahar Energy Limited signed a Production Sharing Agreement on December 22, 2009, covering exploration, rehabilitation, development, and production at the Bahar and Gum Deniz block.

Bahar Energy Limited holds an 80% share in the project, while SOCAR owns 20%. The contract is valid for 25 years, with the possibility of a 5-year extension. The initial investment program is valued at $1 billion, fully financed by Bahar Energy Limited. The block's remaining gas reserves are estimated at 25 billion cubic meters.