SOFAZ increases revenues from ACG by 70% in 2021

In 2021, the State Oil Fund of Azerbaijan (SOFAZ) earned $5,968,400,000 from the Azeri-Chirag-Guneshli (ACG) block of fields in the Azerbaijani sector of the Caspian Sea, Report learned from the fund.

Under the report, this is $2,445,700,000 or 69.4% more than the same period last year.

In 2020, SOFAZ's revenue from ACG amounted to $3,522,700,000. Since the ACG field was launched in 2001, total revenues from the field have amounted to $155,373,000,000.

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. the new PSA was signed on September 14, 2017. The agreement provides for the development of the fields by the end of 2049.

In ACG, BP possesses (30.37%), SOCAR (25%), MOL Group (9.57% replaced Chevron on April 16, 2020) INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.31%).