SOFAZ reveals revenues from Shah Deniz field

Oil&Gas Materials 6 February 2018 10:52 (UTC +04:00)

Baku, Azerbaijan, Feb. 6

By Maksim Tsurkov – Trend:

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the project to develop the Shah Deniz gas and condensate field totaled $2.506 billion from early 2001 to February 1, 2018, SOFAZ told Trend Feb. 6.

However, SOFAZ has not received revenues from the Shah Deniz since June 2016 as Azerbaijan has been purchasing gas from the field in order to meet the excess demand in the domestic market.

SOFAZ also received an additional bonus payment of $108 million as part of the project.

Shah Deniz field’s reserve is estimated at 1.2 trillion cubic meters of gas.

A contract for development of the Shah Deniz offshore field was signed on June 4, 1996.

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).


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