SOFAZ reveals revenues from Azerbaijan’s largest gas project
Baku, Azerbaijan, June 10
By Maksim Tsurkov - Trend:
Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the project for developing the country's Shah Deniz gas and condensate field from 2007 to May 1, 2016, totaled $2.506 billion, SOFAZ told Trend.
SOFAZ received $64 million from Shah Deniz project in January-May 2016.
Some $19 million of this figure was received in May.
The revenues from Shah Deniz project have been recorded since the start of commercial gas production at the field.
The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field's reserve is estimated at 1.2 trillion cubic meters of gas.
The shareholders in the contract are: BP, operator (28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Petronas (15.5 percent), Lukoil (10 percent), NIOC (10 percent) and TPAO (19 percent).
The assets of SOFAZ have increased by two percent compared to early 2016 ($33.57 billion) and stood at $34.25 billion as of Apr.1, 2016.