Azerbaijan makes over $121B from biggest oil project
Baku, Azerbaijan, Dec. 9
By Azad Hasanli – Trend:
Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the project of development of the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields totaled $121.586 billion from 2001 to Dec. 1, 2016, SOFAZ told Trend Dec. 9.
SOFAZ said its revenues from the project totaled $4.577 billion in January-November 2016.
A contract for development of ACG block of oil and gas fields was signed in 1994. The proven oil reserves of the block near one billion tons.
The shareholders in the project are BP (operator of the Azeri-Chirag-Guneshli, 35.78 percent), Chevron (11.28 percent), Inpex (10.96 percent), AzACG (11.65 percent), Statoil (8.55 percent), Exxon (8 percent), TPAO (6.75 percent), Itochu (4.3 percent) and ONGC (2.72 percent).
SOFAZ was established in 1999 with assets of $271 million.