Azerbaijan’s oil and gas revenues slightly exceed forecast in Q1 2026

Azerbaijan’s state budget revenues from the oil and gas sector reached 4,064.9 million manats in January–March 2026, slightly surpassing projections by 12.4 million manats, or 0.3%, AzerNEWS reports, citing the Ministry of Finance.

In the first quarter of 2026, 21.0% or 854.9 million manats of state budget revenues from the oil and gas sector came through the tax authorities. The remaining 79.0%, or 3,210 million manats, was transferred to the state budget from the State Oil Fund of Azerbaijan.

Of the oil and gas revenues received by the state budget through the tax authorities, 48.8 percent, or 417.4 million manats, are accounted for by the relevant taxes and other payments paid by the State Oil Company of Azerbaijan Republic. Meanwhile, 37.4% (319.5 million manats) was generated from profit tax related to the Shah Deniz gas field, and 13.8% (118 million manats) came from income tax linked to the Azeri-Chirag-Gunashli field.