Azerbaijan reveals earnings from its biggest oil project

  05 October 2017    Read: 1092
Azerbaijan reveals earnings from its biggest oil project

Since early 2001 and until October 1, 2017, the State Oil Fund of Azerbaijan (SOFAZ) has received over $126.68 billion as part of the project of developing the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, a source in SOFAZ told on Oct. 4.

“In January-September 2017, SOFAZ received over $4.57 billion within the ACG project,” said the source.

The contract for developing the ACG field was signed in 1994. The proven oil reserves of the block near 1 billion tons.

The shareholders of the project are BP (35.78 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (SOCAR) (11.65 percent), Statoil (8.55 percent), ExxonMobil (8 percent), TP (6.75 percent), Itochu (4.3 percent) and ONGC Videsh Limited (OVL) (2.72 percent).

The signing ceremony of a new contract on development of ACG block of oil and gas fields was held in Baku Sept. 14.

Following the ratification of the contract, the new ACG participating interests will be as follows: BP - 30.37 percent; AzACG (SOCAR) - 25.00 percent; Chevron - 9.57 percent; Inpex - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; Itochu - 3.65 percent; and ONGC Videsh Limited (OVL) - 2.31 percent.

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