Azerbaijan’s State Oil Fund SOFAZ earned $1.912 billion from the Azeri-Chirag-Guneshli (ACG) oilfields from January through May 2021, down 9.2 percent in the same period last year,  the Fund said.

Revenues from the sale of condensate from the Shah Deniz gas field totalled $57.13 million in the first five months of the year,  down 52,4 percent in January-May 2020.

ACG is the largest oil field block in Azerbaijan. The first production sharing agreement for developing the block was signed on September 20, 1994, while a new deal on the joint exploitation of these fields and production sharing was reached on September 14, 2017. The agreement provides for the development of the areas by the end of 2049.