BAKU, Azerbaijan, June 6. Profit oil of Azerbaijan from Azeri-Chirag-Gunashli (ACG) block of fields except for the share of the state oil company SOCAR, has changed from 30 percent in 1999 to 75 percent in the second quarter of 2023, a source in the oil and gas market told Trend.
The share of profit oil in ACG remained at 30 percent until 2005, before it nosedives to 26 percent in 2006 and 25 percent in 2007.
In 2008 this figure surged to 69 percent, afterwards impressively rising to 75 percent in 2009 and remaining stable over the subsequent years.
The latest data from Azerbaijan’s energy ministry shows that as of May 1, 2023, oil production from ACG amounted to 6.2 million tons.
Revenues of Azerbaijan’s state oil fund SOFAZ from Azeri-Chirag-Gunashli (ACG) block of fields stood at $3.013 billion from January through May 2023, as compared to $3.828 billion in the same period in 2022. As such, the fund’s revenues from ACG dropped by around 21.3 percent year-on-year.
ACG participating interests are: bp (30.37%), SOCAR (25.0%), MOL (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGCVidesh (2.31%).
BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.
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