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Azerbaijan obtained over $ 3 bln. income from ACG during this year

04 November 2020 18:36 (UTC +04:00)

During this year (01.01.2020 – as of 01.11.2020), the incomes obtained by the Oil Fund of the Republic of Azerbaijan (SOFAZ) from Azeri-Chirag-Guneshli" (ACG) block of fields made up $ 3 057 mln., SOFAZ told APA-Economics.

Remind that the ratio of share distribution in ACG is as follows: BP – 30.37 percent (operator), AzACG (SOCAR) – 25.00 percent, MOL – 9.57 percent, Inpex – 9.31 percent, Equinor (former Statoil) – 7.27 percent, ExxonMobil – 6.79 percent, TPAO – 5.73 percent, Itochu – 3.65 percent and ONGC Videsh Ltd. (OVL) – 2.31 percent

The agreement between the parties was valid for the period of 30 years (it should expire in 2024). Despite of this, on September 14, 2017, the Azerbaijani government and SOCAR, together with the international partner companies signed the revised and re-elaborated agreement about joint development of ACG and Production Share Distribution.The new agreement covering development of ACG until 2050 will allow for increasing to significant extent the development potential of the block by the middle of the century.