Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from the project of development of the Azeri-Chirag-Gunashli (ACG) block of oil and gas fields totaled $119.779 billion from 2001 to August 1, 2016.
SOFAZ said its revenues from the project totaled $2.77 billion in January-July. Out of this, $465 million accounted for July.
A contract for development of ACG block of oil and gas fields was signed in 1994. The proven oil reserves of the block near 1 billion tons.
The shareholders in the project are BP (operator of the Azeri-Chirag-Guneshli, 35.78%), Chevron (11.28%), Inpex (10.96%), AzACG (11.65%), Statoil (8.55%), Exxon (8%), TPAO (6.75%), Itochu (4.3%) and ONGC (2.72%). (Trend/Business World Magazine)