BAKU, Azerbaijan, June 5. Revenues of Azerbaijan’s state oil fund SOFAZ from Azeri-Chirag-Gunashli (ACG) block of fields stood at $3.013 billion from January through May 2023, as compared to $3.828 billion in the same period in 2022, Trend reports.
As such, the fund’s revenues from ACG dropped by around 21.3 percent year-on-year.
Total Azeri-Chirag-Gunashli production for the first quarter of 2023 was on average about 386,000 barrels per day, as compared to 434,000 barrels per day in 1Q 2022, reads a report released by bp in early May. As such, ACG’s output fell by 11.05 percent year-on-year.
The latest data from Azerbaijan’s energy ministry shows that as of May 1, 2023, gas production from ACG amounted to 208 billion cubic meters. This is while production of oil stood at 6.2 million tons.
ACG participating interests are: bp (30.37%), SOCAR (25.0%), MOL (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGCVidesh (2.31%).
BP Exploration (Caspian Sea) Limited is the operator on behalf of the Contractor Parties to the ACG Production Sharing Agreement.
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