Azerbaijan receives first bonus payment from new ACG agreement

Azerbaijan receives first bonus payment from new ACG agreement

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The State Oil Fund of Azerbaijan (SOFAZ) has received the first bonus payment in the amount of $450 million from the new agreement on developing Azeri-Chirag-Gunashli (ACG) block of oil fields, said a message from SOFAZ.

The funds were received on January 29, said the message.

A contract for developing the ACG field was signed in 1994. A ceremony to sign a new contract on development of the ACG block of oil and gas fields was held in Baku Sept. 14, 2017.

The new ACG participating interests are as follows: BP – 30.37 percent; AzACG (SOCAR) – 25 percent; Chevron – 9.57 percent; INPEX – 9.31 percent; Statoil – 7.27 percent; ExxonMobil – 6.79 percent; TP – 5.73 percent; ITOCHU – 3.65 percent; ONGC Videsh Limited (OVL) – 2.31 percent.

In accordance with the contract, foreign investors will overall pay a bonus of $3.6 billion to SOFAZ over the next eight years.

SOFAZ revenues from ACG are projected at nearly $5.195 billion in 2018.

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