BAKU, Azerbaijan, September 30. The UK Office of Financial Sanctions Implementation (OFSI) has amended General Licence INT/2025/7363752 for Azerbaijan's Shah Deniz project to reflect new sanctions prohibitions in relation to Iran.
OFSI said that on September 29, 2026, it amended General Licence INT/2025/7363752, which allows Persons and Relevant UK Institutions to undertake any activity necessary for the continued operation of the Shah Deniz Project, subject to the conditions set out in the Licence.
The amendment adds Regulation 17A (investments in relation to Iran) and Regulation 17C (insurance and reinsurance services) of the Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019 as prohibitions listed at paragraph 2 of the Licence.
Regulations 17A and 17C came into force on September 29, 2026.
OFSI issued General Licence INT/2025/7363752 on September 29, 2025, under Regulation 40 of the Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019. The licence allows Persons and Relevant UK Institutions to undertake activities necessary for the continued operation of the Shah Deniz Project, subject to its conditions. According to OFSI, such activities include the provision of goods, services, financing or other support, provided that no direct payment is made to NICO or any other designated person. Payments due to NICO must be managed so that no funds or economic resources are made available directly to the designated person.
The OFSI page for General Licence INT/2025/7363752 was last updated on September 29, 2026, when the general licence and publication notice were updated.
According to bp data, the current production capacity of Shah Deniz’s operating facilities stands at approximately 76.8 million standard cubic metres of gas per day, or around 28 billion cubic metres annually.
The shareholders of the Shah Deniz project are: bp (operator) – 29.99 percent, LUKOIL – 19.99 percent, TPAO – 19 percent, Southern Gas Corridor CJSC – 16.02 percent, NICO – 10 percent, and MVM – 5 percent.
