Azerbaijan's gas event postponed by two months

At the beginning of this week, the European Commission announced the continuation of negotiations with Kyiv regarding the supply of gas to Europe via Ukraine, adding that it intends to involve Hungary and Slovakia in these talks.

BP-Azerbaijan (the project operator) forecasts the production of the first volumes of low-pressure gas from the "Shah Deniz" field in June 2029, the company's report.

The assets of the State Oil Fund of Azerbaijan (SOFAZ) as of January 1, 2025, amounted to $60 billion 31.4 million. The Fund’s assets grew by 7.1% over the past year (on January 1, 2024, they totaled $56 billion 69.7 million), SOFAZ reported. In 2024, SOFAZ’s income reached 18 billion 39 million manats, while expenditures totaled 12 billion 896.4 million manats.

In 2024, Azerbaijan's state budget received 17 billion 969.6 million manats from the oil and gas sector, by 1.1% higher than the forecast and  by 1% lower than  in  2023. According to the Ministry of Finance of Azerbaijan, during the reporting period, the oil and gas sector accounted for 48.4% of total budget revenues.