Azerbaijani State Oil Fund reveals volume of revenues from ACG project

Oil&Gas Materials 30 June 2015 14:36 (UTC +04:00)

Baku, Azerbaijan, June 30

By Maksim Tsurkov - Trend:

The State Oil Fund of Azerbaijan (SOFAZ) received $113.330 billion from the implementation of the project for development of Azeri-Chirag-Guneshli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea from early 2001 to June 1, 2015, SOFAZ told Trend.

SOFAZ said it received $3.071 billion in Jan.-May 2015, including $549 million in May within the ACG project.

The contract for development of ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion metric tons.

The shareholders of the project are: BP (operator in the 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, Itocu - 4.3 percent and ONGC - 2.72 percent.

The State Oil Fund was created in 1999 and its assets were equal to $271 million that time.

The assets of SOFAZ decreased by 5.86 percent and neared $34.931 billion as of April 1, 2015, compared to around $37.104 billion in early 2015.

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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