Against the background of the decrease in production volume and the conservative approach to oil prices, the revenues of the State Oil Fund of the Republic of Azerbaijan for the sale of profit oil and gas are predicted to be approximately 2.9 times less than the expected revenues of the current year.

"APA-Economics" reports that this was reflected in the "opinion on the draft budget of the State Oil Fund of the Republic of Azerbaijan for 2023" of the Accounting Chamber.

The opinion states that in 2023, the net income from the sale of hydrocarbons falling to the share of the Republic of Azerbaijan (with the condition of deducting the costs of transporting hydrocarbons, bank, customs clearance, independent control (surveyor), marketing and insurance costs), as well as the State Oil Company of the Republic of Azerbaijan 3,865.5 mln., excluding the income attributable to his investment or participation in projects in which he is an investor, shareholder or partner.

USD or 6,571.4 mln.

It is predicted to be manat, which is 5,323.2 mln. from the actual performance indicator of 2021.

AZN or 44.8%, 8 422.0 million from the 2022 forecast.

AZN or 56.2%, and 12,614.4 million from the expected performance indicator of 2022.

manat or 65.7% less.

In the budget draft of the State Oil Fund for 2023, when determining the amount of income to be obtained from the profit oil and gas, which is predicted to be sold for contribution to the Fund, the amount of profit oil and gas falling to the share of the Azerbaijan state from the production of oil and gas in the following fields and the amount of profit oil and gas by SOCAR "Southern Gas Corridor" and South Expected payments (dividends) to SOFAZ for the Caucasus Pipeline projects have been taken into account.

Key indicators of oil and gas profits of the Oil Fund for 2023:

The name of the bed

2023 Income (mln.

USD)

2023 production (state share)

million

barrel

billion m3

Profit from the sale of oil and gas

total

3 865.5

72.9

5.5

Azeri-Chirag-Guneshli

3 055.2

64.1

Shah Deniz field

622.0

7.60

5.30

Surakhani and Karachuxur deposits

2,3

0.05

Zigh-Hovsan field

1.05

0.02

Kursangi and Karabakhli deposits*

0.0

Neftchala and Khilli

0.44

0.01

Mishovdag and Kalameddin

1.25

0.03

Kurovdag

4.36

0.10

Balakhani-Sabunchu-Ramana and Kurdakhani

13,15

0.26

On deposits included in the Binagadi block

4.08

0.13

Sand-Sea and Bahar deposits

3.56

0.02

0.03

Absheron JOCAP*

50,67

0.60

0.21

SOCAR in accordance with the Memorandum of Understanding

payments to be made by

107.49

The table was prepared by the Accounting Chamber on the basis of relevant report data.

Note: Profits for Kursangi and Karabagli fields are generated starting from the price of 60 USD.

Note: The first production of the Absheron project is planned for 2023.