He made the remarks at a meeting held in the House of Scientists of Azerbaijan`s National Academy of Sciences May 26.
Yusifzade added that 220 million tons of this volume accounted for Azerbaijan`s profitable oil.
The State Oil Fund of Azerbaijan (SOFAZ) received $1.493 billion in January-April 2016 as part of the implementation of the ACG project.
The contract for developing the ACG field was signed in 1994. The proven oil reserve of the block nears 1 billion tons.
The shareholders of the project are: BP (operator in the Azeri-Chirag-Guneshli) - 35.78 percent, Chevron - 11.27 percent, Inpex - 10.96 percent, AzACG - 11.65 percent, Statoil - 8.56 percent, Exxon - 8 percent, TPAO - 6.75 percent, Itocu - 4.3 percent and ONGC - 2.72 percent.
Azerbaijan produces nearly 400 mln tons of oil from ACG block
27 May 2016
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Azerbaijan has produced 398 million tons of oil from the Azeri-Chirag-Guneshli (ACG) block of oil and gas fields since November 1997, said Khoshbakht Yusifzade, first vice-president of Azerbaijan`s state oil company SOCAR.
