BAKU, Azerbaijan, February 6. The State Oil Fund of Azerbaijan (SOFAZ) has released its revenue report for January 2024, detailing earnings from the Azeri-Chirag-Gunashli (ACG) field block, Trend reports.
SOFAZ recorded revenues of $387.645 million from ACG during this period, marking a decrease from $625.074 million in January 2023, representing a nearly 38 percent decline year on year.
The ACG field, situated approximately 100 kilometers from Baku, stands as the largest oil and gas block in the Azerbaijani sector of the Caspian Sea. Initially estimated at 511 million tons of reserves when the Contract of the Century was inked in 1994, subsequent assessments have revised this figure to 1.072 billion tons.
Operating on behalf of the contractors under the ACG Production Sharing Agreement, BP Exploration (Caspian Sea) Limited assumes the role of operator.
Ownership interests in ACG are distributed among several entities: bp (30.37 percent), SOCAR (25 percent), MOL (9.57 percent), INPEX (9.31 percent), Equinor (7.27 percent), ExxonMobil (6.79 percent), TPAO (5.73 percent), ITOCHU (3.65 percent), and ONGCVidesh (2.31 percent).
Additionally, by the end of December 2023, SOCAR had acquired Equinor's share in Azeri-Chirag-Gunashli, pending completion of transactions in accordance with regulatory requirements and contractual obligations.
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