From January through November 2022, the State Oil Fund of Azerbaijan (SOFAZ) received an income of $9.161 billion from the Azeri-Chirag-Gunashli (ACG) field block located in the Azerbaijani sector of the Caspian Sea, Report informs.
This figure is $3.889 billion or 1.7 times more year-on-year.
In January-November 2021, SOFAZ received an income of $5.272 billion from ACG.
ACG is the largest oil field block in Azerbaijan. The first production-sharing agreement for the development of the deposit block was signed on September 20, 1994. On September 14, 2017, a new deal was signed on the joint exploitation of the fields. The agreement envisages the development of the fields until the end of 2049.