By Aynur Karimova
Azerbaijan’s state oil fund SOFAZ has earned $2.12 billion since 2007 by implementing the project of the giant Shah Deniz oil and gas condensate field in the Azerbaijani sector of the Caspian Sea.
“SOFAZ received $523 million within the Shah Deniz project in 2014,” the fund told Trend Agency on January 16.
The Shah Deniz field, one of the world's largest gas-condensate fields, was discovered in 1999. Its gas reserves are estimated at 1.2 trillion cubic meters. Overall, the field has proved to be a secure and reliable supplier of gas to Azerbaijan, Georgia, Turkey, and Europe.
SOFAZ also said it gained $110.15 billion from 2001 to January 1, 2015 by developing the giant Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea.
“SOFAZ received $15.118 billion worth of revenues within the ACG project in 2014,” the fund added.
The ACG fields have been active since 1997. Its production started first at the Chirag part of the block. It was followed then by Azeri Project; Central Azeri in February 2005, West Azeri in December 2005, and East Azeri in October 2006.
The Deepwater Gunashli section launched production in April 2008.
SOFAZ, an entity that accumulates and manages Azerbaijan's oil and gas revenues, was established in 1999 with an asset worth $271 million.
The main goals of the fund include accumulation of revenues, investment of assets abroad to minimize negative impacts on economy, prevention of the 'Dutch disease', ensuring savings for future generations, and maintaining the current social and economic standards in the country.
The asset of SOFAZ increased by 4.86 percent as of July 1, 2014 compared to early 2014 reaching to over $37.622 billion.
Since the first quarter of 2012, the fund started purchasing gold. The amount of the purchased gold reached to 30 tons 175 kg (970,146 ounces) as of April 1.