State Oil Fund's income soars to almost $1.8 billion from ACG this year

Nazrin Abdul, AZERNEWS

In January-April of this year, the State Oil Fund of Azerbaijan (SOFAZ) reported an income of 1 billion 798.6 million US dollars from the "Azeri-Chirag-Gunashli" (ACG) oil field block located in the Azerbaijani sector of the Caspian Sea, Azernews reports citing the State Oil Fund of Azerbaijan.

It is noted that this figure is 669.4 million US dollars, or 27.1% less than the revenue recorded in the same period of 2023.

It is worth noting that in January-April 2023, SOFAZ received an income of 2 billion 468 million US dollars from ACG.

ACG is the largest oil field block in Azerbaijan. The first production sharing agreement for its development was signed on September 20, 1994. On September 14, 2017, a new agreement was signed for the joint exploitation of these fields and the distribution of production. This agreement outlines the development of the fields until the end of 2049.

In ACG, the shareholders include BP (30.37%), SOCAR (25%), MOL Group (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), and ONGC Videsh Limited (OVL) (2.31%).