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SOFAZ reveals revenues from largest oil project

Oil&Gas Materials 8 April 2016 14:55 (UTC +04:00)
Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the development project of Azeri-Chirag-Guneshli (ACG) block of oil and gas fields totaled $118.146 billion from early 2001 to Apr.1, 2016.

Baku, Azerbaijan, Apr. 8

By Anvar Mammadov - Trend:

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the development project of Azeri-Chirag-Guneshli (ACG) block of oil and gas fields totaled $118.146 billion from early 2001 to Apr.1, 2016, SOFAZ told Trend Apr.8.

"The Fund's revenues from the project totaled $1.137 billion in January-March 2016, some $347 million of which accounted for March," said SOFAZ.

A contract for development of ACG block of fields was signed in 1994. The proven oil reserve of the block nears one billion tons.

The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.28 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.55 percent, Exxon - eight percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.

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