SOFAZ discloses revenues from ACG as of late August 2021

From January through August 2021, the State Oil Fund of Azerbaijan (SOFAZ) earned over $3.48 billion from the Azeri-Chirag-Guneshli (ACG) block of fields.

Report informs, citing the fund, that this figure is $813.5 million or 31.3% more than in the first eight months of 2020.

Since the start of ACG development in 2001, the total revenue from the field has reached $152.893 million.

For the first eight months of 2020, SOFAZ's revenue from ACG amounted to $2.657 billion.

ACG is the largest oil field block in Azerbaijan. The first production sharing agreement for the development of the field block was signed on September 20, 1994. On September 14, 2017, a new treaty was inked on the joint exploitation of these fields and production sharing. The agreement provides for the development of the fields by the end of 2049.

Shareholders in ACG are BP (30.37%), SOCAR (25%), MOL Group (replaced Chevron as of April 16, 2020 - 9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), and ONGC Videsh Limited (OVL) (2.31%).