The revenues of Azerbaijan’s state oil fund (SOFAZ) from Azeri-Chirag-Gunashli rose in the first two months of 2022, as compared to the same period in 2021 due to the significant rise in prices for oil sold from ACG, SOFAZ told.
"The transfers of SOFAZ to the budget from gas sales in January 2022 exceed the figures recorded in the same period in 2021. The revenue growth is the result of the significant increase in prices for profitable condensate, Shah Deniz gas sales to Europe and high spot gas prices in Europe," said the Fund.
The revenues of the State Oil Fund of Azerbaijan from the Azeri-Chirag-Gunashli block of fields from January 1, 2022 to March 1, 2022 amounted to $1.307 billion. As such, SOFAZ's revenues increased by 127.4 percent compared to the same period in 2021 ($574.543 million). The total revenue from ACG from 2001 to March 1, 2022 amounted to $156.680 billion.
Revenues from the sale of gas and condensate from the Shah Deniz field from January 1, 2022 to March 1, 2022 are estimated at $227.557 million, including $22.172 million from the sale of condensate.
SOFAZ's revenues from the sale of gas and condensate from the Shah Deniz field increased by 64.3 times compared to the same period in 2020, when this figure stood at $3.538 million. The total revenue from the sale of gas and condensate from the Shah Deniz field from 2007 to March 1, 2022 amounted to $4.779 billion.
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