SOFAZ's revenues from Azeri-Chirag-Guneshli decreases by 12%

SOFAZ
# 07 October 2024 12:00 (UTC +04:00)

In the January-September of this year - (from 01.01.2024 to 01.10.2024) the revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) from the "Azeri-Chirag-Guneshli" (ACG) field block amounted to USD 4,603.7 million, which is 12% less in annual comparison, SOFAZ told APA-Economics.

According to the report, in the same period of 2023, the mentioned indicator was at the level of USD 5,234 million.

It should be noted that the distribution of shares in ACG is in this ratio: BP – 30,37% (operator), AzACG (SOCAR) – 25,00%, MOL – 9,57%, "Inpex" – 9,31%, "Equinor" (former "Statoil") – 7,27%, "ExxonMobil" – 6,79%, TPAO – 5,73%, "Itochu" – 3,65% and "ONGC Videsh Ltd." (OVL) – 2,31%. The agreement between the parties was valid for 30 years (it was supposed to expire in 2024). Nevertheless, on September 14, 2017, the government of Azerbaijan and SOCAR, along with international partner companies, signed an amended and revised agreement on joint development and production sharing of ACG. The new agreement, covering the development of ACG until 2050, will make it possible to significantly increase the bloc's development potential by the middle of the century.

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