From January to April 2016 proceeds from profitable oil extracted on the Azeri-Chirag-Guneshli (ACG) bloc to the State Oil Fund of Azerbaijan (SOFAZ) totaled $1,493,000,000, reported SOFAZ.
Since 2001 till May 1, 2016 $118,502,000,000 has been transferred to SOFAZ from sale of Azerbaijan’s profitable oil from the ACG bloc.
Caspian Barrel calculated on the basis of SOFAZ’s data that during April 2016 $356 million from profitable oil extracted on the ACG bloc was transferred to SOFAZ. In May 2016 SOFAZ received $347 million from sale of profitable oil from the ACG project. In January 2016 SOFAZ’s incomes from the ACG totaled $442 million and in February – $348 million.
Table of incomes of SOFAZ from ACG project
| Months | In mln. US dollars | Average price of BTC FOB Ceyhan/barrel |
| January | 442 | $32.33 |
| February | 348 | $33.43 |
| March | 347 | $39.80 |
| April | 356 | $43.02 |
| Total | 1 493 | $37.14 |
Caspian Barrel believes that during first four months in 2016 Azerbaijan received 40.2 million barrels of profitable oil from the ACG.
Why did Azerbaijan make much less when the oil price was the highest? First of all, in January the consortium settled accounts with the government till the end of the month when the prices were higher. Secondly, in April 2016 the production rate was lower, than early this year.
