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SOFAZ reveals revenues from largest oil project

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neft_fonduRevenues of Azerbaijan’s State Oil Fund (SOFAZ) from the development project of Azeri-Chirag-Guneshli (ACG) block of oil and gas fields totaled $117.799 billion from early 2001 to March 1, 2016, SOFAZ told Trend.

“The Fund’s revenues from the project totaled $790 million in Jan.-Feb. 2016, some $442 million of which accounted for January,” said SOFAZ.

A contract for development of ACG block of fields was signed in 1994. The proven oil reserve of the block nears one billion tons.

The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) – 35.78 percent, Chevron – 11.28 percent, Inpex – 10.96 percent, AzACG – 11.65 percent, Statoil – 8.55 percent, Exxon – eight percent, TPAO – 6.75 percent, Itochu – 4.3 percent and ONGC – 2.72 percent.

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