SOFAZ earnings from Shah Deniz exceed $130M 

During January-August 2021, proceeds of the State Oil Fund of Azerbaijan (SOFAZ) from the sale of gas and condensate from the Shah Deniz field amounted to $130.137 million, down 43.9% from the previous year, Report informs, citing the Fund.

The earnings from the sale of condensate made up $57.131 million, 65.6% less than a year earlier.

Since 2007, the total revenue from Shah Deniz gas and condensate sales has accounted for $3.797 billion.

The agreement on exploration, development, and shared production of the promising Shah Deniz areas was signed on June 4, 1996. The production sharing agreement was ratified on October 17, 1996.

The project participants are BP (operator - 28.8%), AzSD (10%), SGC Upstream (6.7%), Petronas (15.5%), LUKoil (10%), NIKO (10%) and TPAO (19%).