Azerbaijani State Oil Fund’s revenues from ACG project exceed $115B

Oil&Gas Materials 2 October 2015 13:46 (UTC +04:00)

Baku, Azerbaijan, Oct.2

By Maksim Tsurkov - Trend:

The State Oil Fund of Azerbaijan (SOFAZ) received $115.376 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 Oct.1, 2015, SOFAZ told Trend.

SOFAZ said it received $5.23 billion within ACG project in Jan.-Sept. of 2015.

The contract for development of ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion 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 3.56 percent and exceeded $35.783 billion as of July 1, 2015, compared to over $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 CN

Follow the author on Twitter: @MaksimTsurkov