Payments of ACG shareholders to state disclosed

Shareholders of the AzeriChirag-Guneshli (ACG) field development project located in the Azerbaijani sector of the Caspian Sea, paid a total of 370.775 million manat ($ 218.17 million) to the state in 2017, the Extractive Industries Transparency Report for 2017 said.

During the reporting period, payments of BP Exploration (Caspian sea) to the state amounted to 120.307 million manats ($ 70.79 million), AzACG 73.513 million manats ($ 43.26 million), Equinor (Statoil Apsheron AS) - 39.758 million manats ($ 23.39 million), Chevron - 37.358 million manats ($ 21.98 million), Inpex –25.238 million manats ($ 14.85 million),TPAO - 24.839 million manats ($ 14.62 million), ExxonMobil - 20.646 million manats ($ 12.15 million), Itochu - 18.278 million manats ($ 10.76 million), ONGC Videsh Ltd. 10.838 million manats ($ 6.38 million).

The agreement on joint development and shared distribution of production from the block of ACG fields was signed on September 20, 1994, in Baku. Thirteen companies from eight countries have participated in signing of the "Contract of the Century". In February 1995, the Azerbaijan International Operating Company (AIOC) was established to carry out the conditions of the contract.

Proven oil reserves of ACG block of oil and gas fields are estimated at 1.2 billion tons, while gas reserves make 350 billion cubic meters.

On September 14, 2017, a modified and re-developed agreement was signed on joint development and shared distribution of production from the Azeri, Chirag fields and the deepwater part of the Gunashli field (ACG). The new agreement provides for the development of the field until 2050.

The new ACG participating interests come as follows: BP - 30.37 percent; AzACG (SOCAR) - 25 percent; Chevron - 9.57 percent; INPEX - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; ITOCHU - 3.65 percent; ONGC Videsh Limited (OVL) - 2.31 percent.

So far, more than 3 billion barrels of oil has been extracted from the field and about $ 33 billion has been invested in the field.

Mewnwhile, the Shah Deniz Consortium has spent $ 1.558 billion on the development project of the Shah Deniz gas condensate field located in the Azerbaijani sector of the Caspian Sea.

Of this amount, operating expenses totaled more than $ 418 million, capital expenditures - about $ 1.14 billion. It is noted that the majority of capital expenditures are related to the Shah Deniz-2 project.