Revenues of Azerbaijan's Oil Fund from ACG up by 58%

In January-November 2021, the State Oil Fund of Azerbaijan (SOFAZ) received $5.272 billion million from the Azeri-Chirag-Guneshli (ACG) block of fields in the Azerbaijani sector of the Caspian Sea, Report informs, citing the Fund.

This figure is $1.936 billion or 58.03% more than the same period last year.

In 11 months of 2020, SOFAZ's revenue from ACG amounted to $3.336 billion.

ACG is the largest oil deposit in Azerbaijan. The first production sharing agreement for the development of the block of fields was signed on September 20, 1994. On September 14, 2017, a new agreement was signed on the joint exploitation of these fields and production sharing. The agreement provides for the development of the deposits by the end of 2049.

In ACG shareholders are BP (30.37%), SOCAR (25%), MOL Group (9.57% replaced Chevron as of April 16, 2020), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.31%).