During 6 months, 2016 proceeds from sale of profitable oil from the Azeri-Chirag-Guneshli (ACG) bloc to the State Oil Fund of Azerbaijan (SOFAZ) totaled $2,305,000,000.
“Since 2001 till June 1, 2016 SOFAZ received $118,869,000,000 from sale of profitable oil of Azerbaijan from the ACG bloc,” a source from the SOFAZ said.
Table of monthly profit of SOFAZ from ACG in 2016
| Months | Profit of the state from ACG (in million $) | Average price of
BTC FOB Ceyhan (in $ per barrel) |
| January | 442 | 32,33 |
| February | 348 | 33,43 |
| March | 347 | 39,80 |
| April | 356 | 43,02 |
| May | 308 | 48,11 |
| June | 504 | 49,41 |
| Total | 2305 | 41,02 |
In 2015 SOFAZ’s incomes from sale of profitable oil from the ACG totalled $6.9 billion. Last year average export price of Azerbaijani oil was $53.00 per barrel.
The peak of SOFAZ’s income from the ACG was in 2011 and totaled almost $19.2 billion. In 2014 it totaled over $15.2 billion.
* The contract for development of Azeri, Chirag and deep-water section of Guneshli (ACG) fields was signed on September 20, 1994 and entered into force on December 12, 1994. The ACG project partners include BP (35.78%), Chevron (11.27%), ExxonMobil (8.006%), ONGC Videsh Limited (2.72%), Inpex (10.96%), Itochu (4.3%), SOCAR (11.65%), Statoil (8.56%) and TPAO (6.75%).
