BAKU, Azerbaijan, November 6. The State Oil Fund of Azerbaijan (SOFAZ) reported that revenues from the sale of gas and condensate from the Shah Deniz field totaled $416.1 million from January to October 2024, down from $1.183 billion during the same period in 2023, Trend reports via SOFAZ.
This represents a significant year-on-year decline of 64.82 times, or $766.8 million.
Revenues from condensate sales alone fell by 55.54 percent, or $144.145 million, reaching $154.409 million compared to $259.554 million for the same period last year.
Gas and condensate from Shah Deniz have been produced since December 2006 and exported to Georgia and Türkiye since 2007 and to Europe since December 2020.
Shah Deniz reserves are estimated at 1.2 trillion cubic meters of gas.
The current shareholders in the project are bp (operator, 29.99 percent), LUKOIL (19.99 percent), TPAO (19 percent), NICO (10 percent), and Southern Gas Corridor CJSC (21.02 percent).