Azerbaijan earns over $125B from its biggest oil project

Baku, Azerbaijan, July 23 By Azad Hasanli – Trend: Since early 2001 until July 1, 2017, the State Oil Fund of Azerbaijan (SOFAZ) has received $125.215 billion as part of the project of developing the Azeri-Chirag-Gunashli (ACG) block of fields in the Azerbaijani sector of the Caspian Sea, a source in SOFAZ told Trend. "In January-June 2017, SOFAZ received $3.106 billion within the ACG project," said the source. The contract for developing the ACG field was signed in 1994. The proven oil reserves of the block near 1 billion tons. The shareholders of the project are BP (operator, 35.78 percent), Chevron (11.28 percent), Inpex (10.96 percent), AzACG (11.65 percent), Statoil (8.55 percent), Exxon (8 percent), TPAO (6.75 percent), Itocu (4.3 percent) and ONGC (2.72 percent). --- Follow the author on Twitter: @AzadHasanli