Revenues Obtained By Oil Fund From ACG Decreases


(MENAFN- AzerNews)

Ulviyya Shahin Read more

The revenues obtained by the Oil Fund from Azeri-Chirag-Gunashli(ACG) decreased by 29%, Azernews reports, citingthe State Oil Fund of Azerbaijan (SOFAZ).

During the months of January-March of this year - (from01.01.2024 to 01.04.2024), the SOFAZ earned $1,447.8 million fromthe ACG block of fields, which is 29.2% lower compared to theannual basis.

During the same period in 2023, the mentioned indicator was atthe level of $2,044 million.

SOFAZ is a sovereign wealth fund established by Azerbaijan tomanage and safeguard the country's oil and gas revenues for futuregenerations. It was established in 1999 and operates as anextra-budgetary entity under the direct control of the President ofAzerbaijan.

The ACG block of fields is one of the largest oil and gasdevelopments in the Caspian Sea region. Located offshoreAzerbaijan, it comprises several oil and gas fields, includingAzeri, Chirag, and Gunashli. Production from this block plays acrucial role in Azerbaijan's oil sector and contributessignificantly to the country's hydrocarbon revenues.

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