SOFAZ revenues from sale of profit oil and gas grow over 80%

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the sale of profit oil and gas in 2021 amounted to 11.894 billion manats ($7 billion), reads the conclusion of the Accounts Chamber on the annual report on the SOFAZ budget execution for 2021, Report informs.

This is 5.307 billion manats ($3.123 billion) or 80.57% more than in the same period of 2020.

Thus, in value terms, $5.968 billion was received from the sale of profit oil from the Azeri-Chirag-Guneshli field, which is $2.445 billion or 69.4% more than in 2020.

During 2021, revenues from the sale of condensate from the Shah Deniz field amounted to $302.8 million, which is $79.4 million or 35.5% more than in 2020.

Last year, revenues from the sale of gas from Shah Deniz amounted to $581.9 million, which is $511.4 million or 8.2 times more than in 2020.

At the same time, income from other fields amounted to $62.3 million, which is $45.5 million or 3.7 times more than in 2020.

In the SOFAZ budget for 2021, the export price for crude oil is set at $40, and the average price per barrel during the year was $65.4.