SOFAZ posts over 12% decline in revenues from ACG

In January-May this year, the State Oil Fund of Azerbaijan (SOFAZ) received $1,850,200,000 from the Azeri-Chirag-Guneshli (ACG) block of fields in the Azerbaijani sector of the Caspian Sea.

The Fund told Report that compared to January-May 2020, it is $255.8 million or 12.14% less.

In the first five months of 2020, SOFAZ's revenue from ACG amounted to $2,106,000,000.

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. 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%).