SOFAZ increases revenues from Shah Deniz by 12 times 

In January-March 2022, the revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the Shah Deniz field located in the Azerbaijani sector of the Caspian Sea, stood at $359.125 million, up $329.959 million or 12.3 times from the previous year, Report informs, citing the Fund.

The revenues from the condensate sale amounted to $62.494 million, up $33.328 million or 2.14-fold, by contrast to a year earlier.

Since the launch of the Shah Deniz field in 2007, the total revenues from gas and condensate sales have accounted for $4.911 billion.

The agreement on exploration, development and shared production of the promising Shah Deniz areas was signed on June 4, 1996. The production sharing agreement was ratified on October 17, 1996.

The Shah Deniz shareholders: BP (operator - 29.99%), AzSD (14.35%), SGC Upstream (6.7%), LUKoil (19.99%), NICO (10%) and TPAO (19%).