During June 2014 $1,181,000,000 was transferred to the State Oil Fund of Azerbaijan (SOFAZ) from implementation of Azeri-Chirag-Guneshli (ACG) project.
During 6 months $7,780,000,000 was transferred to the SOFAZ.
In 2013 $16,261,200,000 ($1,355,000,000 a month in average) was transferred to SOFAZ from ACG. In 2012 this index totaled $16,257,300,000. However, the peak incomes from ACG was in 2011 – $19,027,500,000 ($1,583,000,000 a month in average).
From early 2001 till July 1, 2014 SOFAZ received $102,812,000,000 from the ACG implementation.
The contract for ACG development was concluded in 1994. Production of the first oil started in November 1997. By May 2014 about 335,000,000 tons of oil was extracted. According to BP, during the contract area (expires in December 2024) the volume of extractible oil totals 730,000,000 tons. This means that half of the extractible contract oil has been already extracted.
The ACG project partners include BP (operator) – 35.78%, Chevron – 11.27%, Inpex – 10.96%, SOCAR – 11.65%, Statoil – 8.56%, Exxon – 8%, ТРАО – 6.75%, Itocu – 4.3% and ONGC – 2.72%.
By April 1, 2014 SOFAZ’s assets totaled $36,618,400,000.
