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Thursday May 23 2024

Revenue obtained by the Oil Fund from "Shah Deniz" decreases

4 April 2024 15:59 (UTC+04:00)
Revenue obtained by the Oil Fund from "Shah Deniz" decreases
Ulviyya Shahin
Ulviyya Shahin
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The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has earned $78.5 million from the Shah Deniz field (gas and condensate) since the beginning of the current year until April 1, Azernews reports.

According to information released by the State Oil Fund of the Republic of Azerbaijan, revenues from the Shah Deniz field have decreased by 8.2 times compared to the corresponding period of last year.

Additionally, revenues from the sale of condensate from the Shah Deniz field decreased by 8.1 times during the reporting period, amounting to $15.7 million.

SOFAZ is a sovereign wealth fund established by Azerbaijan to manage and preserve the country's oil and gas revenues for future generations. It was created in 1999 and operates as an extra-budgetary entity under the direct control of the President of Azerbaijan.

The Shah Deniz field is one of the largest natural gas fields in Azerbaijan and is located offshore in the Caspian Sea. It is a critical asset in Azerbaijan's oil and gas sector, contributing significantly to the country's hydrocarbon production and export revenues.

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