SOFAZ discloses revenues from ACG as of late October 2021

From January through October 2021, the State Oil Fund of Azerbaijan (SOFAZ) earned over $4.612 billion from the Azeri-Chirag-Guneshli (ACG) block of fields.

Report informs, citing the fund, that this figure is $1.555 billion or 50.9 percent more than in the first ten months of 2020 ($3.057 billion).

Since the start of ACG development in 2001, the total revenue from the field has reached $154.017 billion.

ACG is the largest oil field block in Azerbaijan. The first production sharing agreement for the development of the field block was signed on September 20, 1994. On September 14, 2017, a new treaty was inked on the joint exploitation of these fields and production sharing. The agreement provides for the development of the fields by the end of 2049.