Shah Deniz project: In mid-October 2025, a consortium including SOCAR affiliates won three offshore contracts worth approximately $700 million for the Shah Deniz Compression project, operated by BP.
The contracts cover the transport and installation of a new 19,000-ton compression platform, along with the engineering, procurement, construction, and installation of new pipelines.
The project aims to access low-pressure gas, enabling the production of an additional 50 billion cubic meters of natural gas and 25 million barrels of condensate.
In mid-October 2025, SOCAR deployed its first-ever jack-up drilling rig, named “Neptun,” to the Ümid gas field in the South Caspian Sea.
The rig will drill an assessment well to a planned depth of 7,067 meters to test the field’s southern flank.
Sources indicated in September 2025 that SOCAR had agreed to acquire the Italian oil refiner Italiana Petroli (IP).
The deal, which involves a 200,000 barrel-per-day refinery, follows similar sales of European refineries in recent years.
Note by Alessandro Bazzoni