BAKU — The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has reported a significant drop in revenues from the Shah Deniz gas-condensate field for the period of January to August 2024.

According to Azeri-Press News Agency, SOFAZ’s earnings from the sale of gas and condensate at Shah Deniz totaled USD 78.5 million during this period, marking a 3.24-fold decrease compared to the previous year. Additionally, income from condensate sales alone from January 1 to September 1, 2024, amounted to USD 113.878 million, reflecting a 2.3-fold reduction from the same period in 2023.

The Fund also recalled that total revenue from Shah Deniz in the previous year was USD 1.308 billion, which itself was a 9.4% decrease from the prior year, and earnings from condensate sales were USD 324.396 million, down 1.3%.