Revenues from Shah Deniz up 1.7 times

In January-October this year, the State Oil Fund of Azerbaijan (SOFAZ) earned $461.921 million (1.7 times more than 2020) from the sale of gas and condensate from the Shah Deniz field in the Azerbaijani sector of the Caspian Sea.

Of the 10-month revenue, $135.235 million came from the sale of condensate, decreasing 34.1% since last year.

The total revenue from the sale of gas and condensate from the Shah Deniz field since its inception in 2007 has amounted to $4.129 billion.

The agreement on exploration, development, and production sharing of the Shah Deniz field was signed on June 4, 1996. The Shah Deniz Production Sharing Agreement (PSA) was ratified on October 17, 1996. The field, located 70 km southeast of Baku, was discovered in 1999.

The project includes BP (operator - 28.8%), AzSD (10%), SGC Upstream (6.7%), LUKoil (25.5%), NICO (10%) and TPAO (19%).