BAKU, Azerbaijan, April 4. Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the Azeri-Chirag-Guneshli (ACG) field block from January 1, 2024 to April 1, 2024, amounted to $1.448 billion compared to $2.044 billion for the same period of 2023, Trend reports via the fund.
Thus, SOFAZ's revenue from ACG fell 29 percent year-on-year.
Located 100 kilometers from Baku, ACG is the largest block of oil and gas fields in the Azerbaijani sector of the Caspian Sea.
In 1994, when the "Contract of the Century" was signed, the block's reserves were initially estimated at 511 million tons but later revised to 1.072 billion tons.
BP Exploration (Caspian Sea) LTD operates on behalf of the contractors under the ACG Production Sharing Agreement.
Interests in ACG include 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 ONGC Videsh (2.31 percent).
In late December 2023, SOCAR acquired Equinor's stake in Azeri-Chirag-Guneshli. The transactions will be finalized in accordance with all regulatory requirements and contractual obligations.