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The revenues of the Oil Fund from the ACG project increased by more than $ 831 million

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In January-August 2021, incomes to the State Oil Fund of Azerbaijan (SOFAZ) from the sale of profitable oil from the Azeri-Chirag-Guneshli (ACG) block amounted to $ 3 billion 488.5 million. 

In January-August 2020, SOFAZ received $ 2 billion 657 million from the ACG project. Thus, this year, the revenues of the Oil Fund from the ACG project increased by $ 831.5 million, or 31.3%.

According to the Fund, the total receipts to SOFAZ from the sale of Azerbaijan’s profitable oil from the ACG block for the period from 2001 to September 1, 2021 amounted to $ 152 billion 893 million.

The contract for the development of the Azeri, Chirag fields and the deep-water part of Guneshli was signed on September 20, 1994. The agreement expired in 2024. However, on September 14, 2017, a new ACG contract was signed in Baku until 2050.

ACG shareholders are: British BP (project operator – 30.37%), 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 Equinor (7.27%), Turkish TPAO (5.73%)

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