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 Sector of the Caspian Sea” signed among SOCAR and international companies.[1]
History
The consortium was established in February 1995 after the Production Sharing Agreement (PSA) was ratified[1] by Parliament of Azerbaijan on December 2, 1994.[2] AIOC initially consisted of 11 companies (BP, Amoco, Unocal, LUKoil, Statoil, Exxon, TPAO, Pennzoil, McDermott, Ramco, and Delta Nimir) representing 6 countries (UK, USA, Russia, Norway, Turkey and Saudi Arabia). BP is the single biggest shareholder.[1]
Overview
Azerbaijan International Operating Company is a consortium of currently 10 petroleum companies that have signed extraction contracts with Azerbaijan. These companies include:[4]
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 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 Milli Majlis ratifies the contract signed on September 14, 2017:[3]
- BP (UK)
See also
- SOCAR
- Azeri-Chirag-Gunashli
- Petroleum industry in Azerbaijan
External links
- BP corporate website
- Azerbaijan Oil Contracts, by Azerbaijan International
References
- Azeri-Chirag-Deepwater Gunashli bp.com, retrieved 2017-10-31^
- AIOC Contract www.azer.com, retrieved 2017-10-31^
- The Azerbaijan government and co-venturers sign amended and restated Azeri-Chirag-Deepwater Gunashli PSA