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Gas revenues of the oil fund from the Shah Deniz project increased by 8.3 times

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Proceeds to the State Oil Fund of Azerbaijan (SOFAZ) from the sale of profitable hydrocarbons from the Azeri-Chirag-Guneshli (ACG) bloc and the Shah Deniz field in 2021 amounted to $ 6,853.193 million.

According to the State Oil Fund of Azerbaijan, oil and gas revenues of the Oil Fund of Azerbaijan increased by 79.6% in comparison with the revenues of 2020 last year.

In 2021, SOFAZ’s revenues from the sale of Azerbaijan’s profitable oil from the ACG block amounted to $ 5 billion 968.4 million and an increase of 69.4%.

According to the Fund, the total revenues of SOFAZ from the sale of profitable gas and condensate produced from the Shah Deniz field in 2021 amounted to $ 884.793 million. 

Revenues increased 3 times. Including, revenues from the sale of condensate at the end of 2021 amounted to $ 302.817 million (an increase of 35.5%), gas – $ 581.976 million (an increase of 8.3 times).

According to the Fund, the total receipts to SOFAZ from the sale of Azerbaijan’s profitable oil from the ACG block for the period from 2001 to January 1, 2022 amounted to $ 155 billion 373 million, from the sale of profitable gas and condensate from the Shah Deniz field for the period from 2007 to 1 January 2022 – $ 4 billion 551 million.

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