From January 1 till April 1, 2014 the State Oil Fund of Azerbaijan (SOFAZ) has received $3,885,800 from development of the Azeri-Chirag-Guneshli (ACG) bloc of oil and gas fields in the Azerbaijani sector of the Caspian Sea, a source from SOFAZ said.
The same source said that since early 2001 till April 1, 2014 SOFAZ received $98,917,800,000 from the ACG implementation.
By January 1, 2014, assets of SOFAZ increased by 5.1% against early 2013 ($34,129,400) and totaled $35,877,500.
The contract for development of ACG was concluded in 1994. The proved oil resources of the bloc total 923 million tons.
The shares in the contract are distributed as following: BP (operator) – 35.78%, SOCAR – 11.65%, Chevron – 11.27%, Inpex – 10.96%, Statoil – 8.56%, ExxonMobil – 8%, ТРАО – 6,75%, Itochu – 4.3% and ONGC – 2.72%.
SOFAZ was established by the presidential decree on December 29, 1999, but it actually started to work in June 2001 and by that time its assets totaled $271 million.
