Page 13 - FSUOGM Week 49 2021

FSUOGM PROJECTS & COMPANIES FSUOGM

SOFAZ revenues from ACG rise 58% in Jan-Nov

AZERBAIJAN REVENUES to the State Oil Fund of Azerbai- entered into force on December 12 of the same
jan (SOFAZ) from the sale of profitable oil from year. This agreement was set to expire in 2024.
ACG is the country's the Azeri-Chirag-Guneshli (ACG) block and However, on September 14, 2017, a new contract
largest source of oil condensate from the Shah Deniz field in Janu- was signed in Baku for the development of the
production. ary-November 2021 amounted to $5.5bn, which ACG block, extended until 2050.
is 53.7% higher than the same period last year, The participants in the new contract are
according to the latest report by SOFAZ. Of this, British BP (project operator, 30.37%), SOCAR
SOFAZ's revenues from the sale of Azerbaijan's (25%), Hungarian MOL (9.57%), American
profitable oil from the ACG block amounted to ExxonMobil (6.79%), Indian ONGC (2.31%),
$5.3bn (an increase of 58%). Japanese Inpex Corp. (9.31%) and ITOCHU Oil
SOFAZ's revenues from the sale of profitable (3.65%), Norwegian Equinor (7.27%), Turkish
gas and condensate produced from the Shah TPAO (5.73%).
Deniz field amounted to $730mn (an increase The contract for the development of the Shah
of 2.6 times), including revenues from the sale Deniz field was signed in Baku on June 4, 1996,
of condensate of $278mn (an increase of 35.7%). and ratified by the parliament on October 17
According to the fund, the total receipts for of the same year. The participants in the Shah
the period to SOFAZ from the sale of Azer- Deniz project are: BP (operator, 28.8%), Petro-
baijan's profitable oil from the ACG block for nas (15.5%), SOCAR (16.7%), LUKOIL (10%),
the period from 2001 to December 1, 2021, NICO (10%), TPAO (19%).
amounted to $154bn; and the total receipts from The Oil Fund of Azerbaijan, established in
the sale of profitable gas and condensate from the December 1999, accumulates revenues from the
Shah Deniz field from 2007 to 1 December 2021 implementation of oil contracts, in particular
amounted to $4bn. from the sale of profitable oil and gas from the
The contract for the development of the state, transit tariffs for the transportation of oil
Azeri, Chirag fields and the deep-water part of and gas through the country, from the lease of
Guneshli was signed on September 20, 1994, and state property, etc. ™

Shah Deniz output in

2022 to grow 7%

AZERBAIJAN GAS production from the Shah Deniz field in Deniz field was signed in Baku on June 4, 1996,
the Azerbaijani sector of the Caspian Sea for and ratified by the parliament on October 17
Condensate output is 2022 is projected at 22.8 bcm, which is 7% higher of the same year. The participants in the Shah
set to rise by 4.7%. than the forecast for 2021. Deniz project are: BP (operator, 28.8%), Petro-
It is reported that condensate production at nas (15.5%), SOCAR (16.7%), LUKOIL (10%),
Shah Deniz in 2022 is projected at 33.3mn bar- NICO (10%), TPAO (19%). Currently, gas pro-
rels (an increase in comparison with a forecast duction from the Shah Deniz field is carried out
indicator for 2021 of 4.7%) in the conclusion from the Alpha platform as part of Stage-1 and
of the Accounts Chamber of Azerbaijan on the from the Bravo platform as part of Stage-2. ™
budget of the State Oil Fund (SOFAZ) for 2022.
BP-Azerbaijan produced 16 bcm of gas from the
Shah Deniz field in January-September 2021 (an
increase of 20.3% from the same period 2020).
Condensate production in the nine months of
2021 amounted to approximately 24mn barrels
(3mn tonnes), which is 11.1% higher than the
same period last year.
As reported, in 2020 BP-Azerbaijan produced
18.1 bcm of gas (an increase of 7.7%) and 3.6mn
tonnes of condensate (an increase of 2.8%) or
29mn barrels from the Shah Deniz field.
The contract for the development of the Shah

Week 49 08•December•2021 www. NEWSBASE .com P13