SOFAZ increases revenues from Shah Deniz by nearly ten times 

From January through April this year, the State Oil Fund of Azerbaijan (SOFAZ) received an income of $405.475 million from the Shah Deniz field, up $363.123 million or 9.6 times from the previous year, the Fund told Report.

The Fund earned $96.995 million from the condensate sales, showing a $54.643 million or 2.3-fold growth compared to a year earlier.

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.

Shah Deniz participating interests are: bp (operator – 29.99%), LUKOIL (19.99%), TPAO (19.00%), SOCAR (14.35%), NICO (10.00%) and SGC (6.67%).