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SOFAZ receives $60 billion by developing Azeri-Chirag-Guneshli

Oil&Gas Materials 19 July 2011 17:42

Azerbaijan, Baku, July 19 / Trend E.Ismayilov /

The State Oil Fund of Azerbaijan (SOFAZ) has received $52.8 billion after a project was launched to develop Azeri-Chirag-Guneshli as of July 1.

The contract to develop the Azeri-Chirag-Guneshli fields was signed in 1994.

Currently the participation share of the operator BP in Azeri-Chirag-Guneshli is 35.83 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.16 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent, and Hess - 2.72
percent.

Last year, Azeri-Chirag-Guneshli produced 40.6 million tons of oil compared to over 40.3 million tons in 2009. Production of oil from this block in 2010 averaged 823,100 barrels per day.

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