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SOFAZ reveals income generated from sale of condensate from Shah Deniz field

Oil&Gas Materials 25 January 2021 13:31
SOFAZ reveals income generated from sale of condensate from Shah Deniz field

BAKU, Azerbaijan, Jan. 25

By Fidan Babayeva - Trend:

Revenues from the sale of gas and condensate produced at Azerbaijan's Shah Deniz field in 2020 amounted to $293.9 million, Trend reports referring to the State Oil Fund (SOFAZ).

In total, from 2007 through January 1, 2020, revenues of the fund from the sale of gas from the Shah Deniz field exceeded $3 billion.

The revenues from the sale of condensate produced at the Shah Deniz field as of January 1, 2020, amounted to $223.4 million.

SOFAZ was established in 1999 with assets of $271 million.

Based on 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 the accumulation of resources and placement of assets abroad in order to minimize the negative effect on the economy, promotion of resource accumulation for future generations, and support of current social and economic processes in Azerbaijan.

As reported, 29.4 million tons of condensate were extracted from the Shah Deniz field from the moment of commissioning until October 1, 2020.

Since the commissioning of deposits of Azeri–Chirag–Gunashli and Shah Deniz fields were exported 547 million tons of oil (together with condensate) to the first of October 2020.

During this period of Azeri-Chirag-Guneshli was produced 173.7 billion cubic meters of gas, while Shah Deniz amounted to 130.1 billion cubic meters of gas.

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Follow the author on Twitter: @Fidan_Babaeva

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