Azerbaijani SOFAZ’s yield from big oil project nears $120B


Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the project of development of the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields totaled $119.779 bn from 2001 to Aug. 1, 2016, SOFAZ told Trend.

SOFAZ said its revenues from the project totaled $2.77 billion in January-July 2016. Out of this, $465 million accounted for July.

A contract for development of ACG block of oil and gas fields was signed in 1994. The proven oil reserves of the block near one billion tons.

The shareholders in the project are BP (operator of the Azeri-Chirag-Guneshli, 35.78 percent), Chevron (11.28 percent), Inpex (10.96 percent), AzACG (11.65 percent), Statoil (8.55 percent), Exxon (8 percent), TPAO (6.75 percent), Itochu (4.3 percent) and ONGC (2.72 percent).

Source:  news.az

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