BAKU, Azerbaijan, November 6. Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the Azeri-Chirag-Guneshli (ACG) field block from January through October 2024 amounted to $5.334 billion compared to $5.865 billion for the same period of 2023, Trend reports via the fund.
As a result, SOFAZ's revenue from ACG took a hit, dropping by 9.05 percent compared to the previous year.
Located 100 kilometers from Baku, ACG is the largest block of oil and gas fields in the Azerbaijani sector of the Caspian Sea.
In 1994, when the "Contract of the Century" was signed, the block's reserves were initially estimated at 511 million tons but later revised to 1.072 billion tons. The contract covering the extraction of approximately 1 billion tons of oil is set to conclude in December 2049.
Interests in ACG include 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 ONGC Videsh (2.31 percent).