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Azerbaijan Makes Over $124B from its Biggest Oil Project

Revenues of the State Oil Fund of Azerbaijan (SOFAZ) from Azeri-Chirag-Gunashli (ACG) block of oil and gas fields totaled $124.07 billion from early 2001 to May 1, 2017.

SOFAZ said its revenues from the project totaled $1.96 billion in January-April 2017.
A contract for development of ACG block of oil and gas fields was signed in 1994. The proven oil reserves of the block are near one billion tons.

The shareholders in the project are BP (operator of the Azeri-Chirag-Guneshli, 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), Itochu (4.3 percent) and ONGC (2.72 percent).

Source: Trend

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