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22.03.2016 16:37

SOFAZ reveals revenues from largest oil project

Revenues of Azerbaijans State Oil Fund (SOFAZ) from the development project of Azeri-Chirag-Guneshli (ACG) block of oil and gas fields totaled $117.799 billion from early 2001 to March 1, 2016, SOFAZ told Trend.

The Funds revenues from the project totaled $790 million in Jan.-Feb. 2016, some $442 million of which accounted for January, said SOFAZ.

A contract for development of ACG block of fields was signed in 1994. The proven oil reserve of the block nears one billion tons.

The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.28 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.55 percent, Exxon eight percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.

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