The State Oil Fund of Azerbaijan (SOFAZ) has received the eighth bonus tranche of $450 million under the new contract for the development of the Azeri-Chirag-Gunashli (ACG) block of fields until 2050, Report informs, citing the fund.
"According to the terms of this contract, in 2018-2025 SOFAZ was to receive a total of $3.6 billion [$450 million annually] as a bonus. The eighth and final bonus tranche of $450 million was received in the fund's account this week," SOFAZ stated.
The contract for the development of the Azeri, Chirag and deepwater Gunashli fields was signed on September 20, 1994, and came into force on December 12 of the same year.
This agreement was due to expire in 2024. However, on September 14, 2017, a new contract for the development of the ACG block was signed in Baku, scheduled until 2050.
Under the new contract, the parties' equity participation in the project is as follows: British BP plc - 30.37%, State Oil Company of Azerbaijan - 31.655%, Hungarian MOL - 9.57%, American ExxonMobil - 6.79%, Indian ONGC Videsh - 2.925%, Japanese Inpex Corp. - 9.31% and Itochu Oil - 3.65%, Turkish TPAO - 5.73%