BAKU, Azerbaijan, March 5. The State Oil Fund of Azerbaijan (SOFAZ) has announced its revenues from the Azeri-Chirag-Gunashli (ACG) field block from January 1 to March 1, 2024, Trend reports via the fund.
This statistic from ACG amounted to $862 million, down from $1.3
billion in January 2023, suggesting an almost 35 percent
year-on-year fall.
The ACG field, located around 100 kilometers from Baku, is the
largest oil and gas block in the Caspian Sea's Azerbaijani section.
Initially estimated at 511 million tons of reserves when the
Contract of the Century was signed in 1994, recent studies have
revised this value to 1.072 billion tons.
bp Exploration (Caspian Sea) Limited serves as the operator on
behalf of the contractors under the ACG Production Sharing
Agreement.
ACG is owned by numerous businesses, including bp (30.37
percent), SOCAR (25 percent), MOL (9.57 percent), INPEX (9.31
percent), Equinor (7.27 percent), ExxonMobil (6.79 percent), TPAO
(5.73 percent), ITOCHU (3.65 percent), and ONGCVidesh (2.31
percent).
In addition, by the end of December 2023, SOCAR had acquired
Equinor's part in Azeri-Chirag-Gunashli, subject to regulatory and
contractual constraints.