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SOFAZ reveals revenues from Azerbaijan’s largest gas project

Oil&Gas Materials 4 May 2016 20:33
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 $2.488 billion.

Baku, Azerbaijan, May 4

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 $2.488 billion, SOFAZ told Trend May 4.

SOFAZ received $45 million from Shah Deniz project in January-April 2016.

Some $5 million of this figure was received in April.

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 decreased by 9.5 percent compared to 2014 and stood at $33.57 billion as of Jan.1, 2016.

Edited by EA

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