BAKU, Azerbaijan, May 7. The income of Azerbaijan’s State Oil Fund (SOFAZ) from the Shah Deniz project was disclosed, indicating a total of $202.715 million from January through April 2024, Trend reports citing SOFAZ data.
This figure marks a notable decrease from the $935.754 million recorded for the same period in 2023, signifying a year-on-year decline of 78.3 percent.
Within this income, $60.784 million stemmed from Azerbaijan's condensate exports, a decrease of 69.3 percent from the $197.763 million recorded during the same period in 2023.
The Shah Deniz field has been operational for gas and condensate production since December 2006.
Beginning in 2007, a portion of the gas has been exported to Georgia and Türkiye, with the customer base expanding to European countries since December 2020.
The reserves of Shah Deniz are estimated at 1.2 trillion cubic meters, with approximately a sixth of the resources already extracted.
Follow the author on X: @Lyaman_Zeyn