Azerbaijan gets first bonus within new agreement on Azeri-Chirag-Gunashli


January 30, Fineko/abc.az. The State Oil Fund of Azerbaijan (SOFAZ) received the first bonus payment within the framework of the new agreement on development of Azerbaijan’s oilfield block Azeri-Chirag-Gunashli (ACG).

SOFAZ reports that the amount of payments amounted to $450 million.

In accord with the agreement for the eight-year period the foreign partners will pay the bonuses for $3.6 bn to SOFAZ.

The contract for ACG development was signed in 1994. The new agreement on the ACG for the period until 2050 was signed in Baku on 14 September 2017.

The ACG project shareholders are: BP (operator) – 30.37%, AzACG (SOCAR) – 25%, Chevron – 9.57%, INPEX – 9.31%, Statoil – 7.27%, ExxonMobil – 6.79%, TP - 5.73%, ITOCHU – 3.65%, ONGC Videsh Limited (OVL) – 2.31%.


Keywords: ACG SOFAZ