Proceeds to the State Oil Fund of Azerbaijan (SOFAZ) from the sale of profitable oil from the Azeri-Chirag-Guneshli (ACG) block amounted to $ 2 billion 354.1 million.
In January-June 2020, the country’s Oil Fund received income from the ACG project amounting $ 2 billion 206 million.
Thus, over the reporting period, the Fund’s income from ACG increased by 6.7% or by $ 148.1 million.
According to SOFAZ, the total receipts to the Oil Fund from the sale of Azerbaijan’s profitable oil from the ACG block for the period from 2001 to June 31, 2021 amounted to $ 151 billion 759 million.
A 30-year contract for the development of the Azeri, Chirag fields and the deep-water part of Guneshli was signed on September 20, 1994. However, on September 14, 2017, the contract was extended with minor changes until 2050.
* Currently, ACG shareholders are: British BP (project operator – 30.37%), SOCAR (25%), Hungarian MOL (9.57%), American ExxonMobil (6.79%), Indian ONGC (2.31 %), Japanese Inpex Corp. (9.31%) and ITOCHU Oil (3.65%), Norwegian Equinor (7.27%), Turkish TPAO (5.73%).
Caspian Barrel
