Baku, Azerbaijan, June 7
By Maksim Tsurkov – Trend:
From early 2001 and until June 1, 2018, the State Oil Fund of Azerbaijan (SOFAZ) received nearly $132.27 billion as part of the project to develop the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields in the Azerbaijani sector of the Caspian Sea, a source in SOFAZ told Trend on June 7.
“In January-May 2018, SOFAZ received $3,785 billion within the ACG project,” said the source.
In January 2018, SOFAZ also received the first bonus payment of $450 million under the new agreement to develop the ACG block.
Revenues of SOFAZ as part of the project to develop the ACG block of oil and gas fields in the Azerbaijani sector of the Caspian Sea are expected to total nearly $5.195 billion in 2018.
The 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.
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