Azerbaijan earned 5.5 bln USD from international offshore projects

Proceeds from the ACG amounted to 5 225 38 mln USD, Shah Deniz - 274 327 mln USD, Bahar and Gum Deniz - 4.07mln USD

Baku. 5 October. REPORT.AZ/ Volume of revenues to the State Oil Fund of Azerbaijan (SOFAZ) for January-September of the current year from the sale of profit oil and gas from fields in the national sector of the Caspian Sea, developed in accordance with agreements such as PSA (production sharing) totaled 5 503 777 mln USD.

Report was told in State Oil Fund, during the reporting period proceeds from block of fields "Azeri-Chirag-Guneshli" amounted to 5 225 38 mln USD "Shahdeniz" field - 274 327 mln USD block of fields "Bahar" and "Gum Deniz "- 4.07 mln USD.

Agreement on development of deposits "Azeri", "Chirag", "Deepwater Gunashli" signed on September 20, 1994.

Under the contract oil from ACG block of fields exported to the world market via the Baku-Tbilisi-Ceyhan and Baku-Supsa.

The participants of the ACG project are: BP (operator - 35,8%), SOCAR (11,6%), Chevron (11,3%), Inpex (11%), Statoil (8,6%), ExxonMobil (8%) , TPAO (6,8%), Itochu (4,3%), ONGC Videsh Ltd. (2.7%).

Agreement on development of gas condensate field "Shah Deniz" signed on June 4, 1996.

Participants in the project are: BP (operator - 28,8%), AzSD (10%), SGC Upstream (6,7%), Petronas (15,5%), LUKoil (10%), NİKO (10%) and TPAO (19%).Oil from the field "Shah Deniz" through the South Caucasus pipeline supplied to Azerbaijan, Georgia and Turkey. On December 22, 2009 SOCAR and Bahar Energy Company signed a contract for exploration, production and development of block of fields "Bahar-Gum Deniz".The term of the contract - 25 years, renewable for another 5 years.Under the contract, share of SOCAR - 20%, Bahar Energy Company - 80%.

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