State Oil Fund discloses current year's revenues from Shah Deniz field

Nazrin Abdul, AZERNEWS

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has reported earnings of $202.715 million from the Shah Deniz field (gas and condensate) from the beginning of this year up to May 1st, Azernews reports citing The State Oil Fund.

Revenues from the Shah Deniz field have experienced a drastic decline, plummeting by 4.6 times compared to the corresponding period last year.

Notably, revenues from condensate sales on the Shah Deniz field have seen a staggering 3.2 times decrease during this period, amounting to $60.784 million.

This downturn in revenues underscores the challenges facing the energy sector, necessitating a closer examination of market conditions and potential strategies for recovery.