ACG Oil brought Oil Fund nearly 97 % of its revenues

In the past year, revenues to the State Oil Fund of Azerbaijan ( SOFAR) profit from exports of crude oil produced from Azeri -Chirag- Gunashli (ACG) , amounted to $ 16 billion 261.2 million.

As noted in the annual report of the State Oil Fund, the financial gain from the sale of oil and gas (Azerbaijan's share under production-sharing contracts - PSA) is 13 billion 108 million manats ($ 16 billion 707.7 million). Most of them (96.7 % or $ 16 billion 261.2 million) came from the sale of 160.8 million barrels of profit oil extracted from the ACG.

Proceeds from the sale of gas produced from the Shah Deniz field totaled $ 383.8 million.

Much less was provided by other operators. Thus, revenues from the sale of SOFAR hydrocarbons produced from the fields Balakhani- Sabunchu- Ramana accounted for 15 million manat, Surakhani - 13.8 million manat, Zig - Hovsan - 11.6 million manat, Binagadi – 9,800,000 manat, Kurovdag - 9.6 million manat, Gum- Deniz and Bahar - 1.7 million manat, and Nefchala - Khilli - 1.2 million manat.

Recall the "contract of the century" development of the Azeri, Chirag and Deepwater Gunashli was signed on 20 September 1994 and entered into force on 12 December of the same year.

Operator of the project is BP (35.78% equity), Chevron (11.27%) and ExxonMobil (8%). In addition, involved are the resources of the Azerbaijani state company SOCAR (11.65%), Japanese corporations Inpex Corp. (10.96 %) and ITOCHU Oil (4.3%), and Norwegian Statoil (8.56%), Turkish TPAO (6.75%) and the Indian company ONGC (2.72%).

Crude oil is extracted from the Chirag field since November 1997, from Central Azeri – since February 13, 2005, from the western Azeri – since December 30, 2005, from Eastern Azeri – since October 21, 2006. Deepwater Gunashli has been extracted from the beginning of April 2008.

The Oil Fund of Azerbaijan was founded by the presidential decree in 1999 and is managed only by the President. It accumulates revenues from the implementation of oil contracts, in particular from the sale of profit oil of the state, transit tariffs for the transportation of oil and gas across the country, from the lease of state property, etc. - 17D-

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