"The share of Azerbaijan's profit oil will continue to increase with the signing of a new agreement on ACG," Yusifzadeh said.
He noted that from November 1997 to May 1, 2017, 455 million tons of oil and 144.5 billion cubic meters of associated gas were produced from ACG.
Yusifzade said about 60 percent of the total oil produced fell on the share of the profit oil of Azerbaijan.
A contract for the development of the ACG block was signed in 1994. The oil reserves of the block are about one billion tons.
On September 14, 2017, a new agreement on the development of the ACG block until 2050 was signed in Baku.
The share participation in the project is as follows: BP (operator) – 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.
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