18:14 - 6.10.2023

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October 6, Fineko/abc.az. Over Jan-Sept 2023 (01.01.2023-01.10.2023), the revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) from block of fields Azeri-Chirag-Guneshli (ACG) totaled $5.234 million (30.5% less year-on-year).

ABC.AZ reports with reference to SOFAZ that for Jan-Sept 2022, this indicator was at the level of $7.528 million.

ACG participating interests are: bp - 30.37% (operator), AzACG (SOCAR) – 25.00%, MOL – 9.57%, Inpex – 9.31%, Equinor (former Statoil) – 7.27%, ExxonMobil – 6.79%, TPAO – 5.73%, Itochu - 3.65% and ONGC Videsh Ltd. (OVL) - 2.31%.

The signed contract was valid for 30 years (its term expired in 2024). On September 14, 2017, the Government of Azerbaijan, SOCAR and international partner companies signed a new, revised agreement on joint development and shared distribution of production. The new agreement, which provides for the development of ACG until 2050, will significantly increase the development potential of the block by the middle of the century.

Over Jan-Sept 2023, SOFAZ revenues from Shah Deniz gas condensate field (sale of gas and condensate) amounted to $1.183 million (2.15% less yoy).

For the 2022 same period, this figure reached $1.209 million.

SOFAZ revenues from the sale of condensate from Shah Deniz field (01.01.2023-01.10.2023) totaled $259.554 million, that is, decreased by 21%.

SOFAZ income from the sale of condensate for Jan-Sept 2022 was $328.567 million.