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Azerbaijan´s SOFAZ revenues from oil and gas fields hit $2.8 bln in 2020

Azerbaijan´s SOFAZ revenues from oil and gas fields hit $2.8 bln in 2020

Baku, August 10 - Neftegaz.RU. The revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the major oil and gas fields amounted to $2.8 billion in the first six months of 2020, Azernews reported.

During the reporting period, revenues from the Azeri-Chirag-Guneshli field, which is the largest oil field in the Azerbaijani sector of the Caspian Sea, amounted to $2.4 billion.

Moreover, SOFAZ’s revenues from the offshore Shah Deniz field gas filed, which is among the world’s largest gas-condensate fields, amounted to $215.5 million in the first six months of the year. Revenues from the sale of condensate from Shah Deniz field amounted to $149 million.

Established upon presidential decree in 1999, SOFAZ is Azerbaijan’s sovereign wealth fund, which accumulates and preserves the nation's oil and gas revenues for future generations. The fundamental mission of SOFAZ is to ensure intergenerational equality with regard to the country's oil wealth and to accumulate and safeguard the oil revenues for generations to come.

The Fund accumulates income from the sale of oil contracts, and in 2003 it started to make transfers to the state budget of Azerbaijan. As for now, SOFAZ’s contribution to the country’s GDP is over 80 %.