(MENAFN- AzerNews) Nazrin Abdul, AZERNEWS
In January-April of this year, the State Oil Fund of Azerbaijan(SOFAZ) reported an income of 1 billion 798.6 million US dollarsfrom the "Azeri-Chirag-Gunashli" (ACG) oil field block located inthe Azerbaijani sector of the Caspian Sea, Azernews reports citing the State Oil Fund ofAzerbaijan.
It is noted that this figure is 669.4 million US dollars, or27.1% less than the revenue recorded in the same period of2023.
It is worth noting that in January-April 2023, SOFAZ received anincome of 2 billion 468 million US dollars from ACG.
ACG is the largest oil field block in Azerbaijan. The firstproduction sharing agreement for its development was signed onSeptember 20, 1994. On September 14, 2017, a new agreement wassigned for the joint exploitation of these fields and thedistribution of production. This agreement outlines the developmentof the fields until the end of 2049.
In ACG, the shareholders include BP (30.37%), SOCAR (25%), MOLGroup (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%),TPAO (5.73%), ITOCHU (3.65%), and ONGC Videsh Limited (OVL)(2.31%).
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