Azerbaijan’s Oil Revenue to Exceed Forecasts in 2007 – BP Vice-President, Commercial
Azerbaijan, Baku / Trend corr S. Aliyev / Azerbaijan's oil revenues from the Azeri-Chirag-Gunashli (ACG) project will exceed forecasts in 2007. "At the beginning of the year, oil revenues were forecast to make up $3.5bln in 2007, but in fact they will comprise $4.7bln," the Vice President of BP Azerbaijan on Commercial Affairs Phil Home said at a press conference on 14 November.
According to Home, the increase was caused by high stable oil prices. Moreover, in the fourth quarter of this year Azerbaijan will receive profit from gas from Shah Deniz, which will also increase revenue.
Azerbaijan's revenue from ACG constituted $3.2bln in 2006, including taxes, funds received from sale of oil, bonus assignments, tariff payments, etc. Next year Azerbaijan's revenue from the project will keep rising.
The sides in production sharing agreement on Azeri-Chirag-Gunashli field are BP (operator - 34.1%), Chevron (10.2%), SOCAR (10%), INPEX (10%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon (5.6%), ITOCHU (3.9%) and Hess (2.7%).
The contract on development of the off-shore Shah Deniz field was signed on 4 June 1996. The sides to the contract are ВР (operator - 25.5%), Statoil (25.5%), SOCAR (10%), LukAgip (10%), NICO (10%), Total (10%), and TPAO (9%).