Since early 2001 till April 1, 2014 the State Oil Fund of Azerbaijan (SOFAZ) has received $98,917,800 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 told Trend.
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%, Itocu – 4.3% and ONGC – 2.72%.
“From January 1 to April 1, 2014 $3,885,800 was transferred to the SOFAZ from the ACG,” a source from SOFAZ said.
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.
By January 1, 2014, assets of SOFAZ increased by 5.1% against early 2013 ($34,129,400) and totaled $35,877,500.
