Amount of bonus payments on Azerbaijan’s oil & gas agreements for 2022 revealed

Bonus payments by investors as part of the signing or execution of oil and gas agreements in Azerbaijan in 2021 are projected at $450.2 million or 765.34 million manats, reads the Opinion of the Chamber of Account of Azerbaijan on the budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2022, Report informs.

This is 2.44 million manats or 0.3% less than the corresponding execution indicator in 2020 and 10.71 million manats or 1.4% less than the forecasted and expected execution indicators in 2021.

According to the updated agreement on joint development and production sharing from the ACG, in 2018-2025, the total amount of payments will be $3.6 billion, and the fourth part of the bonus amount - $450 million or 765 million manats - is expected to be paid in the first month of 2022.