SOFAZ's revenue from ACG increases by over 80%

Revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) from the Azeri-Chirag-Guneshli (ACG) block of fields for January-October of 2022 amounted to $8,326 million, which is 80.5 per cent more in annual terms.

SOFAZ told APA that for the corresponding period of last year this indicator made up $4,612.1 million.

It should be noted that the equity participation of companies in ACG looks like this: BP - 30.37 per cent (operator), AzACG (SOCAR) - 25.00 per cent, MOL - 9.57 per cent, Inpex - 9.31 per cent, Equinor ( former Statoil) - 7.27 per cent, ExxonMobil - 6.79 per cent, TPAO - 5.73 per cent, Itochu - 3.65 per cent and ONGC Videsh Ltd. (OVL) – 2.31 per cent.

The agreement on the joint development of the block of ACG fields and the distribution of produced oil (PSA) was signed on September 20, 1994 and was designed for 30 years (expired in 2024). Despite this, on September 14, 2017, a new agreement was signed providing for the operation of the unit until 2050.