Income of Oil Fund from ACG Project Noticeably Decreased
Proceeds to the State Oil Fund of Azerbaijan (SOFAZ) from the sale of profitable oil and gas from the Azeri-Chirag-Gunashli (ACG) block and Shah Deniz field in January-October 2020 amounted to $ 3 billion 333 million
According to the SOFAZ, for the reporting period, the Fund’s income from the sale of Azerbaijan’s profitable oil from the ACG block amounted to $ 3 billion 57 million.
It is impossible to compare the rate of decline in the income of the Oil Fund within the ACG project compared to January-October last year. Since the Oil Fund last year stopped publishing income from ACG, starting in August 2019.
However, over the past year, total receipts from ACG to SOFAZ amounted to $ 7 billion 921.3 million. In the current year, these figures will be about $ 4 billion, or almost 2 times less.
According to the Fund, SOFAZ’s total revenues from the sale of profitable gas and condensate produced from the Shah Deniz field in January-October 2020 amounted to $ 276 million, including revenues from the sale of condensate in the specified period amounted to $ 205 million, and gas – $ 71 million.