Last year (from 01.01.2024 to 01.01.2025), the revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ ) from the Azeri-Chirag-Guneshli (ACG) field block amounted to USD 6 158,5 mln, which is 10,7% less in yearly comparison, News.az reports citing SOFAZ.
The mentioned indicator in 2023 was USD 6 899,2 mln.
Note that the distribution of shares in ACG is in this ratio: BP – 30,37% (operator), AzACG (SOCAR) – 25,00%, MOL – 9,57%, “Inpex” – 9,31%, “Equinor” (former “Statoil”) – 7,27%, “ExxonMobil” – 6,79%, TPAO – 5,73%, “Itochu” – 3,65% and “ONGC Videsh Ltd.” (OVL) – 2,31%. The agreement between the parties was valid for 30 years (it was supposed to expire in 2024).
Nevertheless, on September 14, 2017, the government of Azerbaijan and SOCAR, along with international partner companies, signed an amended and revised agreement on joint development and production sharing of ACG. The new agreement, covering the development of ACG until 2050, will make it possible to significantly increase the bloc’s development potential by the middle of the century.
