ACG fields ensures over 94% of oil fund revenues
Azerbaijani state oil fund SOFAZ received $78.8 billion between 2001-December 31, 2012 for the development of the Azeri-Chirag-Guneshli gas fields (ACG) in Azerbaijan's sector of the Caspian Sea, SOFAZ told Trend news agency.
According to the fund, the bulk of the oil fund's proceeds account for the ACG project.
The Azeri-Chirag-Guneshli contract on full field development was signed in 1994.
Participants of the project to develop Azeri-Chirag-Guneshli are: BP (operator, 35.83%), Chevron (11.27%), Inpex (10.96%), AzACG (11.6%), Statoil (8.56%), Exxon (8%), TPAO (6.75%), Itocu (4.3%) and Hess (2.72%). Hess sold its share to Indian ONGC, the transaction will be completed during the first quarter of 2013.
SOFAZ said that revenues received by the fund from the development project of the Shah Deniz gas condensate field amounted to $1.2 billion between 2007 and December 31, 2012.
The contract on the development of the offshore Shah Deniz field was signed on June 4, 1996. Shah Deniz's participating interests are: ВР (operator, 25.5%), StatoilHydro (25.5%), SOCAR (10%), LukAgip (10%), NICO (10%), Total (10%), and TPAO (9%).
SOFAZ's total revenues amounted to $83.7 billion (67.4 billion manat) between 2001 and December 31, 2012, while expenses hit $49.6 billion (40.6 billion manat).
As of late 2012, SOFAZ's assets totaled $34.1 billion.