Most of the revenues of SOFAZ accounts for ACG and Shah Deniz projects

Oil&Gas Materials 13 March 2012 18:40 (UTC +04:00)

Azerbaijan, Baku, March 13 /Trend E.Ismayilov/

Over $19.027 million of total revenues collected by the State Oil Fund of Azerbaijan (SOFAZ) in 2011 accounts for the project to develop offshore oil and gas fields block Azeri-Chirag-Guneshli (ACG ). It was stated in a government report on the results of 2011, presented to the Parliament.

SOFAZ received more than $19.329 million of revenues from the sale of hydrocarbons in 2011.

According to the report, revenues from the ACG project have been received from the sale of 183 million barrels of profit oil.

Some $8.9 million of the total income from the sale of lucrative hydrocarbon accounts for Kursengi-Garabagly fieldl, Kyurovdag - $17.6 million, Binagadi, Girmak, Chahnaglar, Sulutepe, Masazir, Fatmayy, and Shabandag Sianshor - $15.7 million, Zych and Govsany - $8 million, Nefchala, Hylly, Dyurovdag-Babazanan and Mugamskoy monocline - $3.2 million, Surakhani - $10.5 million, deposits of Bahar and Gum-Deniz - $1 million.

SOFAZ received $237.1 million from sale of lucrative natural gas from Azerbaijan's offshore gas condensate field "Shah Deniz".

SOFAZ assets amounted to$29.8 billion as of January 1, 2012, increase by 30.9 percent, compared to the beginning of last year ($22 billion 766.8 million).

State Oil Fund was established in 1999 and its assets amounted to $271 million at that time.