Azerbaijan makes over $124B from its biggest oil project

  11 May 2017    Read: 1894
Azerbaijan makes over $124B from its biggest oil project
Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the project of development of the country’s Azeri-Chirag-Gunashli (ACG) block of oil and gas fields totaled $124.07 billion from early 2001 to May 1, 2017, SOFAZ told on May 10.
SOFAZ said its revenues from the project totaled $1.96 billion in January-April 2017, some $340 million of which were received in April.

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).

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