The State Oil Fund of Azerbaijan (SOFAZ) disclosed its revenues from the Azeri-Chirag-Guneshli (ACG) and Shah Deniz fields in the Azerbaijani sector of the Caspian Sea, report.az said.
SOFAZ earned $574.5 million from January through February 2021 from the ACG field, Report said, citing SOFAZ figures. Revenues from the sale of condensate from the Shah Deniz field totalled $3.5 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.