From 2007 till March 1, 2016 incomes of the State Oil Fund of Azerbaijan (SOFAZ) from development of the Azerbaijani gas condensate field Shah Deniz totaled $2 billion $457 million.
SOFAZ reported that in January and February 2016 SOFAZ received $18 million from the Shah Deniz project, of which $14 million in February.
During 2015 SOFAZ’s incomes from the Shah Deniz field totaled $323 million, down $200 million against 2014.
There are two reasons of reduction of SOFAZ’s incomes: first, reduction of export price of Azerbaijani gas and second, increase in the capital costs for the Shah Deniz Phase-2 project (this year the costs will exceed $4 billion).
* The contract for the Shah Deniz field development was signed in June 1996. The field was discovered three years ago. The extraction started in November 2006 and gas export to Turkey started in July 2007. Till January 1, 2016 67.7 bcm of gas and over 15 million tons of condensate was extracted on the Shah Deniz Phase 1 project.
The project shareholders include BP (operator) – 28.8%, TPAO – 19%, Petronas – 15.5%, SOCAR – 10%, LUKoil – 10%, NICO – 10% and SGC Upstream – 6.7%. –0--
Economics
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