Azerbaijan unveils revenues from development of Azeri-Chirag-Gunashli oil fields

The State Oil Fund of Azerbaijan (SOFAZ) earned $6.158 billion in 2024 from the development of the Azeri-Chirag-Gunashli (ACG) block of oil fields in the Azerbaijani sector of the Caspian Sea.

The revenue dropped by $740.7 million, or 10.73 per cent, compared to 2023, when the earnings totaled $6.899 billion, Caliber.Az reports via local media.

Azeri-Chirag-Deepwater Gunashli (ACG) field located about 100km east of Baku is the largest oilfield in the Azerbaijan sector of the Caspian basin.

BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.

 In 2023, bp and its co-venturers spent about $504 million in operating expenditure and $1,518 million in capital expenditure on ACG activities.

By Naila Huseynova