Azerbaijan makes over $125B from its biggest oil project

By Trend

Since early 2001 until August 1, 2017, the State Oil Fund of Azerbaijan (SOFAZ) has received $125.718 billion as part of the project of developing the Azeri-Chirag-Gunashli (ACG) block of fields in the Azerbaijani sector of the Caspian Sea, a source in SOFAZ told Trend.

"In January-July 2017, SOFAZ received $3.609 billion within the ACG project," said the source.

The contract for developing the ACG field was signed in 1994. The proven oil reserves of the block near 1 billion tons.

The shareholders of the project are BP (operator, 35.78 percent), Chevron (11.28 percent), Inpex (10.96 percent), AzACG (11.65 percent), Statoil (8.55 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent) and ONGC (2.72 percent).