Azerbaijan International Operating Company is a consortium formed to implement the terms of the “Agreement on the Joint Development and Production Sharing for the Azeri and Chirag Fields and the Deep Water Portion of the Gunashli Field in the

Azerbaijan Azerbaijan (, ; az, Azərbaycan ), officially the Republic of Azerbaijan, , also sometimes officially called the Azerbaijan Republic is a transcontinental country located at the boundary of Eastern Europe and Western Asia. It is a part of th ...

Sector of the

Caspian Sea The Caspian Sea is the world's largest inland body of water, often described as the List of lakes by area, world's largest lake or a full-fledged sea. An endorheic basin, it lies between Europe and Asia; east of the Caucasus, west of the broad s ...

” signed among

SOCAR The State Oil Company of Azerbaijan Republic ( az, Azərbaycan Respublikası Dövlət Neft Şirkəti), largely known as SOCAR is fully state-owned national oil and gas company headquartered in Baku, Azerbaijan. The company produces oil and n ...

and international companies.

History

The consortium was established in February 1995 after PSA was ratified by Parliament of Azerbaijan on December 2, 1994. AIOC initially consisted of 11 companies ( BP,

Amoco Amoco () is a brand of fuel stations operating in the United States, and owned by BP since 1998. The Amoco Corporation was an American chemical and oil company, founded by Standard Oil Company in 1889 around a refinery in Whiting, Indiana, a ...

Unocal Union Oil Company of California, and its holding company Unocal Corporation, together known as Unocal was a major petroleum explorer and marketer in the late 19th century, through the 20th century, and into the early 21st century. It was headqu ...

LUKoil The PJSC Lukoil Oil Company ( stylized as LUKOIL or ЛУКОЙЛ in Cyrillic script) is a Russian multinational energy corporation headquartered in Moscow, specializing in the business of extraction, production, transport, and sale of petrol ...

, Statoil,

Exxon ExxonMobil Corporation (commonly shortened to Exxon) is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller's Standard Oil, and was formed on November ...

, TPAO, Pennzoil, McDermott, Ramco, Delta Nimir) representing 6 countries ( UK, USA,

Russia Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-eigh ...

Norway Norway, officially the Kingdom of Norway, is a Nordic country in Northern Europe, the mainland territory of which comprises the western and northernmost portion of the Scandinavian Peninsula. The remote Arctic island of Jan Mayen and t ...

Turkey Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a list of transcontinental countries, transcontinental country located mainly on the Anatolia, Anatolian Peninsula in Western Asia, with ...

and

Saudi Arabia Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the List of Asian countries by area, fifth-largest country in Asia ...

). The biggest single shareholder is BP.

and co-venturers ( BP, Chevron, INPEX, Statoil,

ExxonMobil ExxonMobil Corporation (commonly shortened to Exxon) is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller's Standard Oil, and was formed on November ...

, TP, ITOCHU and ONGC Videsh) signed amended and restated Azeri-Chirag-Deepwater Gunashli Production Sharing Agreement (PSA) on September 14, 2017 and extended the development of this field until 2050.

Overview

Azerbaijan International Operating Company is a consortium of currently 10 petroleum companies that have signed extraction contracts with

. These companies include:AIOC partners
, BP corporate website * BP (UK) * Chevron (United States) * Devon Energy (USA) * Equinor (Norway) *

Türkiye Petrolleri Anonim Ortaklığı Türkiye Petrolleri Anonim Ortaklığı (TPAO) (Turkish Petroleum Corporation) was founded in 1954 by Law No. 6327 with the responsibility of being involved in hydrocarbon exploration, drilling, production, refinery and marketing activities of o ...

(TPAO;

) * Amerada Hess (USA) *

State Oil Company of Azerbaijan The State Oil Company of Azerbaijan Republic ( az, Azərbaycan Respublikası Dövlət Neft Şirkəti), largely known as SOCAR is fully state-owned national oil and gas company headquartered in Baku, Azerbaijan. The company produces oil and nat ...

(SOCAR; Azerbaijan) *

(USA) * Inpex (Japan) * Itochu (Japan) The AIOC made significant investment contributing to the construction of the South Caucasus Pipeline, the Baku-Tbilisi-Ceyhan Pipeline, and are currently discussing construction of a Trans-Caspian Oil Pipeline between

Kazakhstan Kazakhstan, officially the Republic of Kazakhstan, is a transcontinental country located mainly in Central Asia and partly in Eastern Europe. It borders Russia Russia (, , ), or the Russian Federation, is a transcontinental coun ...

and Azerbaijan. Extraction of oil from the Azeri-Chirag-Guneshli fields and natural gas from Shah Deniz has been possible through foreign direct investment in this consortium. According to the latest agreement, the shares will be as follows after Milli Majlis ratifies the contract signed on September 14, 2017:

References

External links

BP corporate website

by Azerbaijan International Oil and gas companies of Azerbaijan BP {{azerbaijan-stub

History

Overview

See also

References

External links