The amount of SOFAZ’s revenue generated from the sales of profit oil and gas in 2016 equaled AZN 8,320.0 million, or USD 5,189.1 million, SOFAZ said in audit report.
In accordance with the Production Sharing Agreements that regulate oil production both onshore and offshore, 98.3% of these revenues came from the sale of oil and gas extracted from the Azeri-Chirag-Guneshli and Shahdeniz fields. Out of these revenues, USD 5,100.23 million was attributed to Azeri-Chirag-Guneshli, and USD 63.98 million-the sales of the profit gas from Shahdeniz (excluding the amount paid by SOCAR (USD 135 million) for the production volumes above the expected annual level, in accordance with the contracts on natural gas trade within the framework of the “Shahdeniz Phase 1” Project concluded between SOCAR, representing the state of Azerbaijan, and the buyers). The remaining USD 24.9 million was earned from the sales of oil extracted from the other oilfields.
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