The Azerbaijani State Oil Fund (SOFAZ) revenues from the country’s major oil and gas fields amounted to $6 billion in January-November 2021, SOFAZ has reported.
The Azeri-Chirag-Guneshli (ACG) block of fields, which are the largest oil field in the Azerbaijani sector of the Caspian Sea, accounted for $5.2 billion of this revenue.
The fund’s revenues from the Shah Deniz field, which is among the world’s largest gas-condensate fields, amounted to $730.7 million, including $278.1 million from condensate, in the 1st 11 months of the year.
The fund’s revenues from the country’s major oil & gas fields amounted to $3.8 billion in 2020, with the ACG accounting for $3.5 billion of this revenue and Shah Deniz for $293.9 million.
Established in 1999, SOFAZ is a sovereign wealth fund, which accumulates and preserves Azerbaijan’s oil and gas revenues for future generations.
The fund accumulates income from the sale of oil contracts, and in 2003 it started to make transfers to the state budget of Azerbaijan.
As for now, SOFAZ’s contribution to the country’s GDP is over 80 %.