Oil fund gets first profit from Shahdaniz
The State Oil Fund (SOFAZ), the body that holds Azerbaijans
revenues from oil production, on Wednesday received first profits
from the development of the countrys biggest gas-condensate field
Shahdaniz.
The $1.8 million payment was transferred to the Funds account in accord with the agreement on exploration, development and production sharing from the Shahdaniz prospective area in the Azeri sector of the Caspian Sea signed by the government and foreign energy companies.
The participants of the Shahdaniz project are BP Azerbaijan, Statoil Azerbaijan, AzShah Deniz Ltd, TOTAL E&P Ltd, LUKOIL OVERSEAS Shah Deniz Ltd, NICO and TPAO.
The Shahdaniz field launched production late in 2006. The field holds proven recoverable reserves of 1.2 trillion cubic meters of gas instead of the previously-estimated 620 billion cubic meters.*
The $1.8 million payment was transferred to the Funds account in accord with the agreement on exploration, development and production sharing from the Shahdaniz prospective area in the Azeri sector of the Caspian Sea signed by the government and foreign energy companies.
The participants of the Shahdaniz project are BP Azerbaijan, Statoil Azerbaijan, AzShah Deniz Ltd, TOTAL E&P Ltd, LUKOIL OVERSEAS Shah Deniz Ltd, NICO and TPAO.
The Shahdaniz field launched production late in 2006. The field holds proven recoverable reserves of 1.2 trillion cubic meters of gas instead of the previously-estimated 620 billion cubic meters.*
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