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SOFAZ reveals volume of its revenues from ACG project

Oil&Gas Materials 18 November 2014 15:44 (UTC +04:00)

Baku, Azerbaijan, Nov.18

By Emil Ismayilov - Trend:

The State Oil Fund of Azerbaijan (SOFAZ) received $108.51 billion from the implementation of the project for development of Azeri-Chirag-Guneshli (ACG) block of oil and gas fields from early 2001 to Nov.1, 2014.

The contract for the development of Azeri-Chirag-Guneshli large offshore field in the Azerbaijani sector of the Caspian Sea, with proven oil reserve of nearly 1 billion metric tons, was signed in 1994.

Shares in the contract for development of Azeri-Chirag-Guneshli block of fields are distributed as follows: BP (operator in Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.

"The fund has received $13.478 billion within the Azeri-Chirag-Guneshli project from Jan.1 to Nov.1, 2014," SOFAZ told Trend on Nov.18.

SOFAZ was established in 1999, and its assets at that time were equal to $271 million.

The assets of the State Oil Fund increased by 3.98 percent as of Oct.1, 2014, compared to early 2014 (around $35.878 billion) and exceeded $37.305 billion.

Under SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.

The main goals of the State Oil Fund include: accumulation of resources and the placement of the fund's assets abroad in order to minimize the negative affect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.

Edited by SI

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