With Sharp Drop in Production, Azerbaijan's Revenues from ACG Block Increased by 29%
2017 November 08 ( Tuesday ) 10:17:52
Baku/08.11.17/ Turan: In January-October 2017, revenues to the State Oil Fund of Azerbaijan (SOFAZ) from the sale of profitable oil from the Azeri-Chirag-Guneshli (ACG) block amounted to $ 5 billion 195 million.
According to SOFAZ, in January-October 2016, the Fund received $ 4 billion 21 million from ACG. Thus, these receipts to the Fund increased by 29.2% for the reported period in 2017.
In general, from 2001 to November 1, 2017 SOFAZ received $ 127 billion 304 million from the sale of Azerbaijan"s profitable oil from ACG, SOFAZ reported. In 2016, SOFAZ"s revenues from the sale of profitable oil from ACG amounted to $ 5.1 billion.
The Caspian Barrel Oil Research Center, commenting on the SOFAZ data for Turan News Agency, reported that Azerbaijan was very lucky with revenues from the sale of ACG oil this year. "We must take into account the fact that oil production from ACG decreased by almost 17 million barrels or by 9% in the first 10 months of 2017. And under such circumstances, the state"s revenues grew by 29%," the Center noted.
And how did this happen? After all, oil prices grew by about 33% in the same period. As the Oil Research Center explained, an important role in this process was also played by a significant reduction in the costs of the international consortium. -12B