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05.05.2016 16:58

SOFAZ reveals revenues from Shah Deniz

Revenues of Azerbaijans state oil fund from the project for developing the country's Shah Deniz gas and condensate field from 2007 to May 1, 2016, totaled $2.488 billion.

SOFAZ announced that it has received $45 million from Shah Deniz project in January-April 2016. Some $5 million of this figure was received in April.

The contract for development of the Shah Deniz offshore field was signed on June 4, 1996. The fields 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 gas produced at the second stage of Azerbaijan's Shah Deniz field development will be the main source of the Southern Gas Corridor, which envisages the transportation of the Caspian gas to the European markets.

The second stage of Shah Deniz field development started in December 2013. The total amount of investments provided by the operating consortium will be approximately $28 billion, excluding the construction of the export pipeline systems.

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

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