SOFAZ reveals revenues from ACG and Shah Deniz fields

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The State Oil Fund of Azerbaijan (SOFAZ) has announced revenues from the Azeri-Chirag-Guneshli (ACG) and Shah Deniz fields in the Azerbaijani sector of the Caspian Sea.

According to the Fund, in January-March 2021, the ACG field brought $953.498 million in revenue, while the earnings from the Shah Deniz field (including gas and condensate) amounted to $29.166 million.

During the reporting period, revenues from the sale of condensate from the Shah Deniz field amounted to $29.166 million.

ACG is the largest oil field block in Azerbaijan. The first production sharing agreement for the development of the field block was signed on September 20, 1994. On September 14, 2017, a new agreement was signed on the joint development of these fields and production sharing. The document provides for the development of the fields by the end of 2049.

The shareholders in ACG are BP (30.37%), SOCAR (25%), MOL Group (9.57%, replaced Chevron from April 16, 2020), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.31%) .

The agreement on the Shah Deniz field exploration, development, and production sharing was signed on June 4, 1996. The Shah Deniz Production Sharing Agreement (PSA) was ratified on October 17, 1996. The field, located 70 km southeast of Baku, was discovered in 1999.

The project includes BP (operator – 28.8%), AzSD (10%), SGC Upstream (6.7%), Petronas (15.5%), LUKoil (10%), NICO (10%) and TPAO (19%).