Azerbaijan has earned over $1 billion from the “Shah Deniz” project in seven months

The State Oil Fund of Azerbaijan (SOFAZ) reported that in January-July this year, the profit received by the state within the framework of the “Shah Deniz” project amounted to $ 1 billion 72 million, which is by 15.1 times more than in the same period last year.

According to SOFAZ, $252 million 725 thousand of income from the “Shah Deniz” project was received from the sale of condensate, and $819 million 275 thousand from the sale of natural gas. It should be noted that at the end of 2021, the Azerbaijani state received a total of $884 million 793 thousand from the “Shah Deniz” project.

Now, over the seven months of this year, Azerbaijan’s profits exceeded last year’s revenues from “Shah Deniz” by 21.16%. And depending on gas prices in world markets, this year Azerbaijan can receive a second billion in gas profits. The growth of Azerbaijan’s gas revenues is very important, because companies have invested about $24 billion in capital expenditures in the “Shah Deniz-2” development project, and the higher the gas prices in the sales markets, the faster Azerbaijan will be able to return its costs.

Caspian Barrel