This year Shah Deniz consortium started making more at the expense of export growth
By October 1, 2014 profit of the government from the Shah Deniz Phase 1 totaled $409 million.
From 2011 to 2013 Azerbaijan’s profit from the Shah Deniz project varied between $365 and 383 million.
As we can see, this year the incomes have increased significantly. A source from the Shah Deniz consortium told Turan, this is connected with two factors. At first, the volume of export of gas extracted from the field has increased. Secondly, the commercial constitutent of export has increased. The consortium has increased commercial sale of gas at the Georgian market, which was absent during six months last year (before that the Georgian market received only transit volume of gas from the Shah Deniz field).
According to the Azerbaijan State Oil Fund (SOFAZ), since 2007 the Fund received $2,006,000,000 from the project.
The resources of the Shah Deniz field are estimated at 1.2 trillion cub.m. of gas. The contract for development of Shah Deniz offshore field was signed on June 4, 1996.
The State Oil Fund was created in 199. By October 1, 2014 SOFAZ received about $110 billion from the production sharing agreements (PSA), of which $107.2 billion fell to the bloc of Azeri-Chirag-Guneshli fields.—0—
Economics
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