Karabagh (Azerbaijani: Qarabağ) is an offshore oil and gas field in the Caspian Sea, located 120 km (75 mi) east of Baku, Azerbaijan, in the northern part of Absheron archipelago.

A risk service agreement (RSA) for the development of the Karabagh field was signed on 30 May 2018, between SOCAR and Equinor (Statoil).

It is considered to be Azerbaijan's second major contract for development of oil fields in the Caspian Sea after ACG project.

According to the Vice-President of SOCAR, Khoshbakht Yusifzade, the feasibility study of two of the drilled wells revealed availability of 10 million tonnes of oil and 5-6 billion cubic meters of natural gas which draws a clear picture on recoverable reserves as a whole.

Shareholders of CIPCO had the following stakes in Karabakh field: Company Interest LUKAgip JV 45%, Pennzoil 30%, LUKOIL 12.5%, SOCAR 7.5%, Agip 5%.