BAKU, Azerbaijan, October 7. The revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the Azeri-Chirag-Guneshli (ACG) Caspian fields block development project amounted to $4.6 billion from January through September 2024, Trend reports via SOFAZ.
However, SOFAZ earned a revenue of $5.2 billion in the same period of 2023.
The development of ACG has been underway since September 20, 1994. The contract will end in December 2049 and concerns the recovery of about 1 billion tons of oil.
The shareholdings of ACG shareholders are as follows: bp (30.37 percent), SOCAR (25 percent), MOL Group (9.57 percent), INPEX (9.31 percent), Equinor (7.27 percent), ExxonMobil (6.79 percent), TPAO (5.73 percent), ITOCHU (3.65 percent), and ONGC Videsh Limited (OVL) (2.31 percent).