Azerbaijan’s revenues from Shah Deniz surge by almost 78%

Oil&Gas Materials 5 June 2023 18:42 (UTC +04:00)
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, June 5. Revenues of Azerbaijan’s state oil fund SOFAZ from Shah Deniz gas and condensate sale from January through May 2023 amounted to $935.754 million, as compared to $526.537 million in the same period in 2022, Trend reports with reference to the Fund.

The fund gained $197.763 million from Shah Deniz condensate sale, compared to $144.522 million.

As such, the fund’s revenues from the field rose by 77.7 percent year-on-year.

The latest data from bp shows that in the first three months of 2023, the Shah Deniz field produced about 7 billion standard cubic metres (bscm) of gas and more than 1 million tonnes (about 9 million barrels) of condensate in total from the Shah Deniz Alpha and Shah Deniz Bravo platforms, as compared to 6 billion standard cubic metres of gas and the same amount of condensate in 1Q 2022. As such, the volume of gas production rose by 16.7 percent year-on-year.

The existing Shah Deniz facilities’ production capacity is currently about 74 million standard cubic metres of gas per day or approximately 27 bcma.

Shah Deniz participating interests are: bp (operator – 29.99%), LUKOIL (19.99%), TPAO (19.00%), SOCAR (14.35%), NICO (10.00%) and SGC (6.67%).

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