SOFAZ doubles revenues from ACG

In January-April 2022, the State Oil Fund of Azerbaijan (SOFAZ) earned over $2.898 billion from the Azeri-Chirag-Guneshli (ACG) block of fields, $1.461 billion or 2.02-fold more than a year earlier, Report informs, citing the Fund.

In the same period of 2021, SOFAZ’s revenues from the block of fields amounted to $ 1,437 billion.

The first production sharing agreement for ACG development was signed on September 20, 1994, while a new deal on the joint exploitation of these fields and production sharing was reached on September 14, 2017. The agreement provides for the development of the fields by the end of 2049.

ACG participating interests are: bp (30.37%), SOCAR (25.0%), MOL (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGCVidesh (2.31%).