Azerbaijan receives first bonus payment from new ACG agreement
Baku, Azerbaijan, Jan.30
By Leman Zeynalova – Trend:
The State Oil Fund of Azerbaijan (SOFAZ) has received the first bonus payment in the amount of $450 million from the new agreement on developing Azeri-Chirag-Gunashli (ACG) block of oil fields, said a message from SOFAZ.
The funds were received on January 29, said the message.
A contract for developing the ACG field was signed in 1994. A ceremony to sign a new contract on development of the ACG block of oil and gas fields was held in Baku Sept. 14, 2017.
The new ACG participating interests are as follows: BP - 30.37 percent; AzACG (SOCAR) - 25 percent; Chevron - 9.57 percent; INPEX - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; ITOCHU - 3.65 percent; ONGC Videsh Limited (OVL) - 2.31 percent.
In accordance with the contract, foreign investors will overall pay a bonus of $3.6 billion to SOFAZ over the next eight years.
SOFAZ revenues from ACG are projected at nearly $5.195 billion in 2018.
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