Azerbaijan earns $1B from ACG in two months

In January-February 2020, the revenues from Azeri-Chirag-Guneshli (ACG) amounted to $1,005,000,000, Report informs referring to the State Oil Fund of Azerbaijan (SOFAZ).

According to the fund, the revenues from the Shah Deniz field amounted to $69,000,000.

Meanwhile, $2,805,000,000 in total has come from Shah Deniz since it was launched in 2007.

The initial ACG Production Sharing Agreement (PSA) was signed on 20 September 1994. Since that time, around $38 billion of investment has been made into the development of the ACG field. In 2017, the ACG PSA was extended till the end of 2049. First oil was produced from the Chirag field on 7 November 1997.

The Shah Deniz (SD) field was discovered in 1999. It is one of the world’s largest gas-condensate fields. It is located on the deep-water shelf of the Caspian Sea, 70 km south-east of Baku, in water depths ranging from 50 to 500 m. Shah Deniz Stage 1 began operations in 2006. It has the capacity to produce around 10 billion cubic meters of gas per annum (bcma) and approximately 50,000 barrels a day of condensate.