What was price of profitable oil of Azerbaijan extracted on Azeri-Chirag-Guneshli?

Yesterday Khoshbakht Yusifzada, Senior Vice President of State Oil Company of Azerbaijan (SOCAR),  said that since commencing of production on the Azeri-Chirag-Guneshli (ACG) bloc of fields (November 7, 1997) till October 1, 2013 profitable oil of Azerbaijan totaled 165 million tons out of 318 million tons of sold oil. 

According to the State Oil Fund of Azerbaijan (SOFAZ), by October 1, 2013 the Fund received $90,878,000,000 from the ACG implementation.

One can conclude that during almost 14 years Azerbaijan sold its profitable oil at an average price of $550.79 per ton or $74.43 per barrel (Azerbaijan received the first profitable oil from ACG in December 1999 and establishment of the Oil Fund was announced that time).

A source from the Caspian Barrel Oil Studies Centre told Turan’s correspondent that “this is a very high statistical price.” The Centre explained that in addition to the incomes from oil sales, the SOFAZ’s incomes from the ACG included other incomes, such as bonuses, per-acre payments, transit fees and etc.  Therefore, these figures will be slightly lower. Caspian Barrel reported that considering the BP World Statistical Review, from 1998 to 2013 (oil deliveries from the ACG to the world markets started in 1998) average world Brent oil price did not even reach $59.00 per barrel. Therefore, in the middle of the last decade BP-Azerbaijan’s forecast of average export price of oil from ACG was $60.00 per barrel.—0--