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SOFAZ reveals revenues from ACG, Shah Deniz fields

30 June 2015 12:16 (UTC+04:00)
SOFAZ reveals revenues from ACG, Shah Deniz fields

By Aynur Karimova

Azerbaijan's state oil fund SOFAZ has earned $113.33 billion from 2001 to June 1, 2015 by developing the giant Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea.

"The fund gained $3.071 billion in January-May, 2015 within the framework of ACG project, including $549 million in May," SOFAZ told Trend on June 30.

The ACG fields have been active since 1997. Its production first started at the Chirag part of the block. It was followed 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 also said it gained $2.278 billion of profit from 2007 to June 1, 2015 by implementing the development project of the giant Shah Deniz gas condensate field in the Caspian Sea.

SOFAZ earned some $158.2 million as part of the Shah Deniz project in January-May, 2015, including $41 million in May.

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, 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.

SOFAZ's revenues in the first quarter amounted to 2,028 million Azerbaijani manats, while expenses stood at 2,335.6 million manats.

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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova

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