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Shah Deniz

Revenues from Shah Deniz Project Revealed

The revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the implementation of the project for developing the country’s Shah Deniz gas and condensate field from 2007 to March 1, 2016, totaled $2.457 billion.

SOFAZ received $18 million from Shah Deniz project in January-February 2016 and $14 million of this volume was received in February.

The revenues from Shah Deniz project have been recorded since the start of commercial gas production at the field.

The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The field’s reserve is estimated at 1.2 trillion cubic meters of gas.

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).

The assets of SOFAZ have decreased by 9.5 percent compared to 2014 and stood at $33.57 billion as of Jan.1, 2016.