Baku, Azerbaijan, June 19
Trend:
Net profit from the sale of hydrocarbons, which accounted for Azerbaijan’s share in 2018, amounted to over 16.645 billion manats or $9.791 billion, with deduction of expenses for transportation, banking, customs, insurance and marketing expenses, as well as excluding profit attributable to investments and the share of the State Oil Fund of Azerbaijan (SOFAZ) in projects involving its shareholders or partners, Trend reports with reference to the Chamber of Accounts on the execution of the SOFAZ budget for 2018.
This is by over 3.338 billion manats (25.1 percent) more than the budget figure of SOFAZ approved in 2018, and by over 5.615 billion manats (50.9 percent) more compared to the budget for 2017.
Analysis of production at the fields shows that the annual forecast was executed regarding only two fields - Azeri-Chirag-Guneshli (104 percent) and the Binagadi block of fields (103 percent).
As for the remaining fields, oil production when compared to the forecast at the Bahar field was 77 percent, natural gas production - 82 percent, at the Balakhani oil fields block - 96 percent, at the Zigh and Hovsan oil field block - 92 percent, at the Mishovdag and Kalamaddin field - 98 percent, the Neftchala-Hilli block of oil fields - 87 percent, the Kurovdag oil field - 98 percent, the Aran block of oil fields - 84 percent, the Kursangi-Garabagli field - 63 percent, Surakhani field - 92 percent.
When analyzing the actual revenues from the fields for 2018, when compared to the forecast of 2.908 million manats, there were no revenues regarding the Mishovdag-Kalamaddin field, while revenues worth 245.391 million manats were obtained from the Shah Deniz field, or 86.4 percent of the forecast compared with the forecast of 283.9 million manats.
In general, the rise in prices for the sale of crude oil and oil production in relation to the forecast led to the execution of revenue forecast by 125.1 percent compared to the budgeted amount (7.824 billion manats) from the sale of oil extracted from all fields, excluding oil from Mishovdag-Kalamaddin field and gas condensate from the Shah Deniz field.
Oil production from the Bahar-Gum Deniz field was at 0.3 million barrels (77 percent), against the forecast of 0.39 million barrels. This is while the volume of gas production from this field amounted to 192 million cubic meters (82 percent) against the forecast of 233 million cubic meters.
Some $1,247.6 million were received from the sale of hydrocarbons from this field, which is 74 percent more compared to the forecast of $717,000.
(1 USD = 1.7 AZN on June 19)