Azerbaijan unveils revenues from Azeri-Chirag-Gunashli, Shah Deniz fields

From January to November 2024, the State Oil Fund of Republic of Azerbaijan (SOFAZ) earned revenues of $5.725 billion from the sale of oil from the Azeri-Chirag-Gunashli (ACG) field.

Revenues for the first 11 months of 2024 decreased by 9.9 per cent compared to the same period last year, Caliber.Az reports via SOFAZ.

SOFAZ generated $416.174 million in revenues from the sale of gas and condensate from the Shah Deniz field. Revenues for the same period decreased by 3.1 times compared to last year. This includes $115.409 million from condensate sales at the field, which marks a 2.8-fold decline.

Azeri-Chirag-Deepwater Gunashli (ACG) field located about 100km east of Baku is the largest oilfield in the Azerbaijan sector of the Caspian basin.

BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.

 In 2023, bp and its co-venturers spent about $504 million in operating expenditure and $1,518 million in capital expenditure on ACG activities.

The Shah Deniz (SD) field was discovered in 1999. It is one of the world’s largest gas-condensate fields. It is located on the deep water shelf of the Caspian Sea, 70 km south-east of Baku, in water depths ranging from 50 to 500 m.

bp operates Shah Deniz on behalf of its partners in the Shah Deniz Production Sharing Agreement (PSA).

Shah Deniz is structured as an unincorporated Joint Venture (JV) partnership. bp is the operator of the Shah Deniz JV. Shah Deniz Stage 1 began operations in 2006. It has the capacity to produce around 10 billion cubic meters of gas per annum (bcma) and approximately 50,000 barrels a day of condensate.

During 2014, the existing Shah Deniz facilities were further de-bottlenecked which increased their production capacity from 27.3 million standard cubic metres to 29.5 million standard cubic metres of gas per day.

By Naila Huseynova