Azerbaijan International Operating Company

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 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, Delta Nimir) representing 6 countries (UK, USA, Russia, Norway, Turkey and Saudi Arabia). The biggest single shareholder is BP.[1]

SOCAR and co-venturers (BP, Chevron, INPEX, Statoil, ExxonMobil, 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.[3]

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 after Milli Majlis ratifies the contract signed on September 14, 2017:[3]

BP 30.37% SOCAR 25.00% Chevron 9.57%
INPEX 9.31% Statoil 7.27% ExxonMobil 6.79%
TP 5.73% ITOCHU 3.65% ONGC Videsh Limited  2.31%

See also

References

  1. 1 2 3 "Azeri-Chirag-Deepwater Gunashli | Operations and projects | BP Caspian". bp.com. Archived from the original on 2017-10-31. Retrieved 2017-10-31.
  2. ↑ "AIOC Contract". www.azer.com. Archived from the original on 2017-10-31. Retrieved 2017-10-31.
  3. 1 2 "The Azerbaijan government and co-venturers sign amended and restated Azeri-Chirag-Deepwater Gunashli PSA | Press releases | Media | BP". bp.com. Archived from the original on 2017-10-31. Retrieved 2017-10-31.
  4. ↑ AIOC partners Archived August 4, 2007, at the Wayback Machine., BP corporate website


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