Revenues to the State Oil Fund of Azerbaijan (SOFAZ) from the sale of profitable oil and gas from the Azeri-Chirag-Guneshli (ACG) block and the Shah Deniz field in January-July 2023 amounted to $5, 299 billion, which is 21.6% lower from the same period last year, the Interfax-Azerbaijan agency reports with reference to the Fund.
SOFAZ's income from the sale of Azerbaijan's profitable oil from the ACG block amounted to $4, 158 billion (26.8% decline).
SOFAZ's income from the sale of profitable gas and condensate produced from the Shah Deniz field amounted to $1 billion 141 million (an increase of 6.4%). At the same time, income from the sale of condensate amounted to $259.6 million (an increase of 2.7%), gas - $881.4 million (an increase of 7.6%).
SOFAZ's income from the sale of profitable gas and condensate produced from the Shah Deniz field amounted to $1, 141 billion (an increase of 6.4%). At the same time, income from the sale of condensate amounted to $259.6 million (an increase of 2.7%), gas - $881.4 million (an increase of 7.6%).
Revenues to SOFAZ from the sale of profitable oil and gas from the Azeri-Chirag-Guneshli (ACG) block and the Shah Deniz field in 2022 amounted to $11, 332 billion (+ 65.4% of the figure for 2021).
The contract for the development of the Azeri, Chirag and deepwater Gunashli fields was signed on September 20, 1994 and entered into force on December 12 of the same year.
This agreement expires in 2024. However, on September 14, 2017, a new contract for the development of the ACG block, calculated until 2050, was signed in Baku.
Under the new contract, the share of British bp (project operator) is 30.37%, SOCAR (25%), Hungarian MOL (9.57%), American ExxonMobil (6.79%), Indian ONGC Videsh (2.31%), Japanese Inpex Corp. (9.31%) and ITOCHU Oil (3.65%), Norwegian Equinor (7.27%), Turkish TPAO (5.73%).
Investments under the new agreement are estimated at $43 billion for the period up to 2050. The volume of oil production is planned to be more than 500 million tons.
The contract for the development of the Shah Deniz field was signed in Baku on June 4, 1996 and ratified by the Milli Majlis on October 17 of the same year. The equity participation of the parties in the contract is currently as follows: bp (operator - 29.99%), LUKOIL (19.99%), TPAO (19%), NICO (10%) and Cenub Qaz Dehlizi CJSC (21 .02%).
Currently, gas and condensate production from the Shah Deniz field is carried out from the Alpha platform as part of Stage-1 and from the Bravo platform as part of Stage-2. Gas production from the Shah Deniz field began in December 2006.
