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Azerbaijan’s profit from ACG project drops sharply in May

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Revenues to the State Oil Fund of Azerbaijan (SOFAZ) from the sale of profitable oil from the Azeri-Chirag-Gunashli (ACG) block totaled $ 1 billion 986 million, the press service of SOFAZ reported.

Based on SOFAZ data, the Caspian Barrel estimated that the oil Fund of Azerbaijan within the ACG project in May amounted to $ 115 million.

In April, the Fund’s income from the ACG project amounted to $ 300 million, when in March it was at the level of $ 635 million. In January and February it is impossible to determine the monthly income of the Fund from ACG, since SOFAZ only since March began to publish regularly on revenues under the “contract of the century “. In the first two months, the total revenue from ACG amounted to $ 936 million.

In general, from 2001 to June 1, 2020, from the sale of profitable oil from Azerbaijan from the ACG block, SOFAZ received $ 148 billion 577 million.

The contract for the development of ACG deposits was signed on September 20, 1994 for a period of 30 years. However, on September 14, 2017, the contract was renewed and its validity period was extended to 2050.
Under the new contract, the share of BP (project operator) is 30.37%, with also SOCAR (25%), Hungarian MOL (9.57%), American ExxonMobil (6.79%), Indian ONGC (2.31%), Japanese Inpex Corp. (9.31%) and Itochu Oil (3.65%), Norwegian Statoil (7.27%), and Turkish TPAO (5.73%). 

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