Baku, January 25 - Neftegaz.RU. Budget revenues of Azerbaijan's SOFAZ from the major oil & gas fields amounted to $3.8 billion in 2020.
Azeri-Chirag-Guneshli block of fields, which are the largest oil field in the Azerbaijani sector of the Caspian Sea, accounted for $3.5 billion of this revenue.
Moreover, the fund’s revenues from the Shah Deniz field amounted to $293.9 million in 2020. In addition, revenues from the sale of condensate from Shah Deniz amounted to $223.4 million.
Assets of the Oil Fund increased by 46.2% from 2011 to 2020. As of January 1, 2021, the Fund’s assets totaled $43.5 billion.
SOFAZ was established in December 1999 by the Presidential Decree and is a sovereign wealth fund of Azerbaijan, which accumulates and preserves the nation'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 contribution to the country’s GDP is over 80 %.
Assets of the Azerbaijan´s Oil Fund increased by 46% over last 10 years
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) is a sovereign wealth fund, whereby energy-related earnings are accumulated and efficiently managed for future generations.