Azernews.Az

By Fatma Babayeva

Revenues of the Azerbaijani state oil fund SOFAZ from the project on developing the country's Shah Deniz gas and condensate field amounted to $2.506 billion from 2007 to May 1, 2016, the Fund told Trend.

In January-May 2016, SOFAZ received $64 million from Shah Deniz project. Some $19 million of this figure was received in May.

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

In the meantime, the assets of SOFAZ have increased by two percent compared to early 2016 ($33.57 billion) and stood at $34.25 billion as of April 1, 2016.

Earlier, first vice president of Azerbaijan's state oil company SOCAR Khoshbakht Yusifzade, stated that 72 billion cubic meters of gas and 16 million tons of condensate were produced from Shah Deniz field.

At the moment, 30 million cubic meters of gas per day is being produced at the field. Additionally, 7,000 tons of condensate is being produced daily from eight wells.

In January-May 2016, 4.5 billion cubic meters of gas and about one million tons of condensate were produced from the Shah Deniz offshore field.

The contract for the development of the Shah Deniz offshore field was concluded on June 4, 1996. The estimated reserves of the field is equal to 1.2 trillion cubic meters of gas.

The shareholders of 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.

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Fatma Babayeva is AzerNews’ staff journalist, follow her on Twitter: @Fatma_Babayeva

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