Azerbaijani State Oil Fund revenue from Apsheron profitable oil and gas sales soar 3.6-fold to $98.9 mln in 2024
BAKU. July 22 (Interfax) - State Oil Fund of Azerbaijan (SOFAZ) revenue from the sales of profitable oil and gas from the Apsheron field came to $98.9 million in 2024, up 3.6-fold from $27.8 million in 2023, the Fund said in a report.
Revenue from the sale of gas and condensate from this field amounted to $33.3 million and $65.6 million, respectively, in 2024.
In total, SOFAZ revenues from the sale of profitable oil and gas in Azerbaijan in 2024 amounted to $6.74 billion, down 21% compared to 2023. Most of it - 91.3% of all revenues -came from the sale of profitable oil and gas from the Azeri-Chirag-Gunashli (ACG) project - $6.16 billion. The Shah Deniz project provided $442.1 million, of which $309.6 million from gas sales and $132.5 million from condensate.
The SOFAZ budget for 2024 assumed an average sale price of $82.3/bbl oil, which is 1.3% less than in 2023.
BP plc paid bonuses to SOFAZ totaling $182.83 million in 2024, compared with $182.31 million in 2023. Payments from participation in the ACG project were level with 2023 at $182.25 million, and from Shah Deniz $0.98 million, compared with $0.06 million.
ACG project participants included MOL Azerbaijan Ltd. paid $57.41 million, Inpex Southwest Caspian Sea Ltd. - $55.84 million, Equinor - $43.61 million, Exxon Azerbaijan Limited - $40.75 million, TPAO - $34.38 million, Itochu Oil Exploration (Azerbaijan) Inc. - $21.89 million and ONGC Videsh Limited - $13.86 million.
Shah Deniz project participants NICO paid $0.19 million, TPAO - $0.38 million and Lukoil - $0.39 million.
TotalEnergies paid a bonus of $6.25 million in 2024 in connection with the development of the Absheron gas condensate field in the Caspian Sea.
In total, the fund's receipts in the form of bonuses reached $457.8 million in 2024, down from $471 million in 2023.
SOFAZ accumulates income from the implementation of oil and gas contracts, in particular from the sale of profitable oil and gas by the state, transit tariffs for the transportation of oil and gas across the country, and from the rental of state property and other income.
