Azerbaijani State Oil Fund reveals revenues from Shah Deniz project

Oil&Gas Materials 18 May 2015 13:23 (UTC +04:00)

Baku, Azerbaijan, May 18

By Maksim Tsurkov - Trend:

The revenues of Azerbaijani State Oil Fund from the implementation of the project for development of Shah Deniz project totaled $2.237 billion since 2007 to May 1, 2015, SOFAZ told Trend May 18.

SOFAZ said its revenues from Shah Deniz project stood at $117.2 million in Jan.-Apr. 2015, including $37.7 million in April.

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 are: BP, operator (28.8 percent), AzSD (10 percent), SGC Upstream (6.7 percent), Petronas (15.5 percent), Lukoil (10 percent), NICO (10 percent) and TPAO (19 percent).

The State Oil Fund was created in 1999 and its assets were equal to $271 million that time.
The assets of SOFAZ dropped by 5.86 percent and exceeded $37.104 billion as of Apr.1, 2015, compared to about $34.931 billion in early 2015.

Under SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.

The main goals of the State Oil Fund include: accumulation of resources and the placement of the fund's assets abroad in order to minimize the negative affect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.

Edited by CN

Follow the author on Twitter: @MaksimTsurkov