![Over 10 months, the Oil Fund's revenues from the ACG project decreased by $2.46 billion](https://turan.az/resized/media/2023/main/110500068993-750-500-resize.webp)
Over 10 months, the Oil Fund's revenues from the ACG project decreased by $2.46 billion
Baku/06.11.23//Turan: In January-October 2023, revenues to the State Oil Fund of Azerbaijan (SOFAZ) from the sale of profitable oil from the Azeri-Chirag-Guneshli (ACG) block amounted to $5 billion 865.8 million, press-service of SOFAZ. Compared to January-October 2022, the Oil Fund's revenues from the ACG project decreased by 29.5% or by $2 billion 460.2 million.
By the end of 2022, the revenues to SOFAZ from the sale of profitable ACG oil amounted to $9 billion 889 million.
It should be noted that the decrease in revenues of the Azerbaijan Oil Fund from the ACG project is due to two factors: a 15% decrease in oil prices, as well as a drop in production on the contract area by almost 14 million barrels. --0-
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- In World
- 6 November 2023 06:50
Energy
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From January to May 2024, Azerbaijan imported 616.2 thousand tons of oil Russia, a third more compared to last year, Interfax reports. In monetary terms, the cost of imported Russian oil has also risen by almost a third — to $339 million. In total, Azerbaijan purchased 742.3 thousand tons of black gold in the first five months of this year (+18% compared to January-May 2023) for $416 million. Thus, Russia's share in Azerbaijani crude oil imports amounted to 83%.
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1.11 billion barrels of oil were produced from the “Central Azeri” platform, commissioned in February 2005, as part of the full-scale development of the Azeri-Chirag-Guneshli (ACG) field, by July 1, 2024, the State Oil Company of Azerbaijan (SOCAR), which has a 25 percent share in the ACG project.
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Yesterday, Azerbaijani Economy Minister Mikail Jabbarov held a meeting with Ahmed Moalim Figi, Somali Minister of Foreign Affairs and International Cooperation. They discussed issues related to bilateral economic relations between the countries and potential partnership opportunities in the energy sector. The parties stressed the expediency of establishing mutually beneficial economic ties between the two countries, expanding the contractual and legal framework in order to support the development of relations, as well as exchange of experience in areas of mutual interest.
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Azerbaijani gas supplies to Serbia may be increased in the foreseeable future, the parties are currently discussing this issue, the Minister of Labor and Social Protection of the Population of Azerbaijan Sahil Babayev told journalists.
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