The State Oil Fund (SOFAZ) has publicized its income from the Azeri-Chiraq-Guneshli (ACG) oil and gas field in the Azerbaijani section of the Caspian Sea in January-February 2023.

The Azeri-Chirag-Guneshli block of fields, the largest oil field in the Azerbaijani sector of the Caspian Sea, accounted for $1.3bn of the revenue.

The fund’s revenue from the Shah Deniz field, which is among the world’s largest gas-condensate fields, amounted to $534.8m, including $58m from condensate.

Established in 1999, SOFAZ is a sovereign wealth fund, which accumulates and preserves Azerbaijan’s oil and gas incomes for future generations.

The contract for the development of the ACG oil fields was signed on September 20, 1994, and came into effect in December. The contract for the development of the ACG block was extended by 2050 in September 2017. The shareholders in the ACG project are BP (operator, 30.37 percent), SOCAR (25 percent), MOL (9.57 percent), INPEX (9.31 percent), Equinor (7.27 percent), ExxonMobil (6.79 percent), TPAO (5.73 percent), ITOCHU (3.65 percent), ONGC Videsh Limited (OVL) (2.31 percent).

The contract for the development of the Shah Deniz gas field was signed in 1996. Shareholders of the Shah Deniz project are BP (operator, 29.99 percent), LUKOIL (19.99 percent), TPAO (19 percent), SOCAR (14.35 percent), NICO (10 percent), and SGC (6.67 percent).