Revenues obtained by Oil Fund from ACG decreases

The revenues obtained by the Oil Fund from Azeri-Chirag-Gunashli (ACG) decreased by 29%, Azernews reports, citing the State Oil Fund of Azerbaijan (SOFAZ).

During the months of January-March of this year - (from 01.01.2024 to 01.04.2024), the SOFAZ earned $1,447.8 million from the ACG block of fields, which is 29.2% lower compared to the annual basis.

During the same period in 2023, the mentioned indicator was at the level of $2,044 million.

SOFAZ is a sovereign wealth fund established by Azerbaijan to manage and safeguard the country's oil and gas revenues for future generations. It was established in 1999 and operates as an extra-budgetary entity under the direct control of the President of Azerbaijan.

The ACG block of fields is one of the largest oil and gas developments in the Caspian Sea region. Located offshore Azerbaijan, it comprises several oil and gas fields, including Azeri, Chirag, and Gunashli. Production from this block plays a crucial role in Azerbaijan's oil sector and contributes significantly to the country's hydrocarbon revenues.