SOFAZ reveals revenues from ACG field
Revenues of Azerbaijan’s State Oil Fund (SOFAZ) from the development project of Azeri-Chirag-Guneshli (ACG) block of oil and gas fields totaled $117.799 billion from early 2001 to March 1, 2016, SOFAZ told Trend.
“The Fund’s revenues from the project totaled $790 million in Jan.-Feb. 2016, some $442 million of which accounted for January,” said SOFAZ.
A contract for development of ACG block of fields was signed in 1994. The proven oil reserve of the block nears one billion tons.
The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.28 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.55 percent, Exxon – eight percent, TPAO - 6.75 percent, Itochu - 4.3 percent and ONGC - 2.72 percent.
SOFAZ was established in 1999, and its assets at that time amounted to $271 million.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
---
Follow us on Twitter @AzerNewsAz