Azerbaijan’s SOFAZ makes almost $120B from largest oil project

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the project for development of the Azeri-Chirag-Gunashli (ACG) block of fields totaled $119.314 billion from early 2001 to July 1, 2016, SOFAZ told Trend.

SOFAZ said its revenues from the project totaled $2.305 billion in H1 2016; out of this, $504 million accounted for June.

A contract for development of ACG block of oil and gas fields was signed in 1994. The proven oil reserves of the block near one billion tons.

The shareholders in the project are BP (operator of the Azeri-Chirag-Guneshli, 35.78 percent), Chevron (11.28 percent), Inpex (10.96 percent), AzACG (11.65 percent), Statoil (8.56 percent), Exxon (8 percent), TPAO (6.75 percent), Itochu (4.3 percent) and ONGC (2.72 percent).

/By Trend/