Since 2001 till November 1, 2014 $108,510,000,000 has been transferred to the State Oil Fund of Azerbaijan (SOFAZ) from development of a bloc of oil and gas firelds Azeri-Chirag-Guneshli (ACG).
A source from SOFAZ told Caspian Barrel that durign 10 months, 2014 transfers from “the contract of the century” to SOFAZ totaled $13,478,000,000.
If in September 2014 a total of $1,452,000,000 was transferred to the Oil Fund from ACG, in October this index reduced to $1,256,000,000.
Reduction of oil prices at the world markets has mainly affected reduction of profit, because the volume of export changed insignificantly.
According to Caspian Barrel’s forecast, in November 2014 incomes of SOFAZ from ACG will decrease significantly, because production on one of the biggest production platform Central Azeri will be suspended till November 27, 2014, because of the upgrade. In October in average over 160,000 barrels of oil a day was produced from the platform. In November 2014 export will be decreased to 4.8 million barrels, because of natural reduction of production volume. Considering that in Nobember prices went down significantly as compared to October, then Oil Fund’s incomes will reduce to about $1 billion.
By October 1, 2014 assets of the Oil Fund totaled $37,305,300,000.
