Azerbaijan to earn $ 5.2 bln from sale of ACG oil next year

Azerbaijan to earn $ 5.2 bln from sale of ACG oil next year
As forecasted, in 2018, the State Oil Fund of Azerbaijan Republic (SOFAZ) will receive $ 5 194.80 mln from sale of profit oil from the "Azeri-Chirag-Guneshli "(ACG) fields block, which is located in Azerbaijani sector of the Caspian Sea.

Report informs, it is predicted that revenues to the Oil Fund from sale of profit oil and gas also on other fields will totally make $ 5 653.4 mln or 9 723.8 mln AZN in 2018.

Notably, agreement on joint development of the ACG fields blocks and production sharing (PSA) was signed on September 20, 1994.

Amended and restated agreement was signed on September 14, 2017, on joint development of the ACG block and production sharing. The agreement was ratified by Azerbaijani parliament on October 31.

In the new agreement the level of profit oil to Azerbaijan permanently determined at 75%.

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