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Azerbaijan makes over $127B from its biggest oil project

13 November 2017 [10:00] - TODAY.AZ

By  Trend

From early 2001 to November 1, 2017, the State Oil Fund of Azerbaijan (SOFAZ) has received more than $127.3 billion as part of the project on developing the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, a source in SOFAZ told Trend.

"In January-October 2017, SOFAZ received over $5.195 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 (35.78 percent), Chevron (11.27 percent), Inpex (10.96 percent), AzACG (SOCAR) (11.65 percent), Statoil (8.55 percent), ExxonMobil (8 percent), TP (6.75 percent), Itochu (4.3 percent) and ONGC Videsh Limited (OVL) (2.72 percent).

The signing ceremony of a new contract on development of ACG block of oil and gas fields was held in Baku Sept. 14.

Following the ratification of the contract, the new ACG participating interests will be as follows: BP - 30.37 percent; AzACG (SOCAR) - 25.00 percent; Chevron - 9.57 percent; Inpex - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; Itochu - 3.65 percent; and ONGC Videsh Limited (OVL) - 2.31 percent.


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