SOFAZ triples revenues from Shah Deniz

In January-November this year, the State Oil Fund of Azerbaijan (SOFAZ) earned $ 730.707 million (2.65 times more than 2020) of the sale of gas and condensate from the Shah Deniz field in the Azerbaijani sector of the Caspian Sea.

Report informs, citing Fund, that of the 11-month revenue, $ 278.178 million came from condensate sales (+35.7%).

The total revenue of gas and condensate sales from the Shah Deniz field since its inception in 2007 has amounted to $ 4.397 billion.

The agreement on exploration, development, and production sharing of the Shah Deniz field was signed on June 4, 1996. The Shah Deniz Production Sharing Agreement (PSA) was ratified on October 17, 1996. The field, located 70 km southeast of Baku, was discovered in 1999.

The shareholders are BP (operator - 28.8%), AzSD (10%), SGC Upstream (6.7%), LUKoil (25.5%), NICO (10%) and TPAO (19%).