In January 2024, revenues to the State Oil Fund of Azerbaijan (SOFAZ) from the sale of profitable oil from the Azeri-Chirag-Guneshli block (ACG) amounted to $387 million 645 thousand.
According to SOFAZ, this is $237 million 429 thousand, or by 38% lower than in January ($625 million 74 thousand) last year.
The Oil Fund of Azerbaijan does not disclose the reason for the collapse of revenues from the ACG project in January this year. Prices in January of this year were by 5% lower than in the same period last year.
Based on this, the production volumes at ACG have significantly decreased, and the costs of the consortium may still increase.
