SOFAZ more than doubles revenues from ACG  

In January-February 2022, the State Oil Fund of Azerbaijan (SOFAZ) earned over $1.307 billion from the Azeri-Chirag-Guneshli (ACG) block of fields, $732.5 million or 2.27-fold more than a year earlier, Report informs, citing the Fund.

In the same period of 2021, SOFAZ’s revenues from the block of fields amounted to $ 574.543 million.

Since the start of ACG development in 2001, the total revenue from the field has reached $156.680 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.

The ACG shareholders: 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%).