The State Oil Fund of Azerbaijan (SOFAZ) has announced revenues from the Azeri-Chirag-Guneshli (ACG) and Shah Deniz fields in the Azerbaijani sector of the Caspian Sea, report.az informs referring to SOFAZ.
From January through February 2021, $574.543 million was earned from the ACG field.
Revenues from the sale of condensate from the Shah Deniz field amounted to $3.538 million in the reporting period.
ACG is the largest oil field block in Azerbaijan. The first production sharing agreement for developing the field block was signed on Sept. 20, 1994, while a new deal on the joint exploitation of these fields and production sharing was reached on Sept. 14, 2017. The agreement provides for the development of the areas by the end of 2049.
The shareholders in ACG are BP (30.37%), SOCAR (25%), MOL Group (9.57% replaced Chevron as of April 16, 2020), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.31%).
The agreement on exploration, development, and production sharing of the Shah Deniz field was signed on June 4, 1996. The Shah Deniz Production Sharing Agreement (PSA) was ratified on October 17, 1996. The area, located 70 km southeast of Baku, was discovered in 1999.
The project includes BP (operator - 28.8%), AzSD (10%), SGC Upstream (6.7%), Petronas (15.5%), LUKoil (10%), NICO (10%) and TPAO (19%).