Azerbaijan’s revenues from Shah Deniz project exceeded $ 70 mln this year

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In January-July this year, the State Oil Fund of Azerbaijan (SOFAZ) earned $ 70.978 million from the sale of gas and condensate from the Shah Deniz field, the SOFAZ quarterly report.

Revenues from the Shah Deniz project decreased 3 times compared to the same period last year.

Revenues from the sale of condensate accounted for $ 57.131 million (a decrease of 2.6 times).

Since 2007, the total revenue from the sale of gas and condensate from Shah Deniz amounted to $ 3 billion 738 million.

The agreement on exploration, development and production sharing in Shah Deniz was signed on June 4, 1996. The production sharing agreement was ratified on October 17, 1996.

The project participants are BP (operator – 28.8%), AzSD (10%), SGC Upstream (6.7%), Petronas (15.5%), LUKoil and NIKO (10% each) and TPAO (19%).

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