Oil Fund received over $2.3 billion from Shah Deniz project

Since mid-2007 till September 1, 2015 the Azerbaijan State Oil Fund (SOFAZ) received $2,367,000,000 from development of the Shah Deniz gas condensate field in the Azerbaijani sector of the Caspian Sea.

According to SOFAZ, from January to August 2015 the Oil Fund received  $247 million from the Shah Deniz project.

During 2014 SOFAZ’s incomes from the Shah Deniz project totaled $523 million.

* The resources of the Shah Deniz field are estimated at 1.2 trillion cub.m. of gas. The contract for the Shah Deniz development was signed on June 4, 1996. The field was discovered three years later and its development started at the end of 2006.

** SOFAZ was established on December 29, 1999, it started operating in June 2001 and by that time its assets totaled $271 million. By July 1, 2015 SOFAZ’s assets totaled $35,783,300.

SOFAZ’s peak incomes were in 2011 - $19.99 million. The Fund received the first incomes exceeding a little over $ 1billion in 2006.—0—

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