ACG may transfer $5.4 billion to SOFAZ from sale of profit oil this year

Azeri-Chirag-Guneshli (ACG) block of fields is forecasted to transfer $5,382,150,000 to SOFAZ from the sale of profit oil in 2020, Report says, citing Chamber of Account’s opinion on SOFAZ 2020 budget.

ACG profit oil is estimated at 99.35 million barrels.

According to the Production Sharing Agreements (PSA), SOFAZ will receive $6,213,800,000 or AZN 10,563,404,500 in 2020, down AZN 6,082,200,000 or 36.5% from 2018 execution, AZN 2,655,300,000 or 20.1% from 2019’s forecast and AZN 4,024,400,000 or 27.6% from expected execution.

In the reporting period, $ 709.15 million will be transferred to SOFAZ from the sale of Shah Deniz profit gas, which is estimated at the equivalent of 23.5 million tonnes of oil. The Fund is forecasted to receive $1.739 million from Kursengi and Garabaghli fields, $2.740 million from Surakhani and Garachukhur fields, $2.183 million from Zigh-Hovsan field, $0.07 million from Muradkhanli-Jafarli-Zardab fields, $1.086 million from Neftchala and Khilli fields, $0.619 million from Mishovdagh and Kemaleddin fields, $4.45 million from Kurovdagh field, $11.157 million from Balakhani-Sabunchu-Ramana and Kurdekhani field, $6.709 million from fields of Binegedi block, $0.772 million from Gum-Deniz and Bahar fields.