During five months 2015 Oil Fund received only $158 million from Shah Deniz field
Since 2007 till June 1, 2015 incomes of SOFAZ from development of the gas condensate field Shah Deniz in the Azerbaijani sector of the Caspian Sea totaled $2,278,000,000.
According to the Fund, from January to May 2015 $158.2 million has been transferred to SOFAZ from the Shah Deniz project, of which $41 million in May 2015.
Turan agency reminded that during 2014 $523 million has been transferred to the Oil Fund from the Shah Deniz project implementation, of which $296 million during six months in 2014.
Several factors have affected reduction of Azerbaijan’s profit from the Shah Deniz project: first of all, cost of condensate dropped by almost 45%, because of slump of oil prices, during the same period last year. Secondly, gas export price decreased by approximately 7-9%. Thirdly, profit of the state went down, because of growth of costs of the Shah Deniz Phase 2 project.
Resources of the Shah Deniz field are estimated at 1.2 trillion cub.m. of gas. The contract for the field development was signed in 1996, the field was discovered in June 1999 and gas export to Turkey started in July 2007.
The shares of the partners of the contract are distributed as following: BP – operator (28.8%), TPAO (19%), Petronas (15.5%), SOCAR (10%), LUKoil (10%), NICO (10%) and SGC Upstream (6.7%).
SOFAZ was established in December 1999, but it has actually started to work in June 2001. By that time its assets totaled $271 million.
By April 1, 2015, SOFAZ’s assets decreased by 5.86% against early 2015 ($37,104,100) and totaled $34,930,500.—0—
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- 3 July 2015 14:27
Economics
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BP, the operator of the Shah Deniz gas condensate field, announced on Sunday that production from the Shah Deniz Alpha platform resumed on the evening of January 18. This followed the complete resolution of a technical issue with the subsea condensate export pipeline between the Shah Deniz Alpha platform and the Sangachal terminal.
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SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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