BAKU, Azerbaijan, April 4. The State Oil Fund of Azerbaijan (SOFAZ) has announced its revenues from the Shah Deniz project in the first quarter of 2024, Trend reports via the fund.
The figure amounted to $78.5 million, thus sharply decreasing from the first quarter of 2023 ($646.4 million), and included $15.7 million in revenues from condensate exports (compared to $128.2 million for the same period last year).
The revenues dropped due to falling energy prices in Europe.
Notably, gas and condensate production at the Shah Deniz field has been carried out since December 2006.
Since 2007, part of this gas has been exported to Georgia and Türkiye, and since December 2020, the list of buyers has been expanded to European countries.
The proven reserves of Shah Deniz are estimated at 1.2 trillion cubic meters of gas and 240 million tons of condensate.