Azerbaijan International Operating Company is a

consortium A consortium (plural: consortia) is an association of two or more individuals, companies, organizations or governments (or any combination of these entities) with the objective of participating in a common activity or pooling their resources ...

formed to implement the terms of the “Agreement on the Joint Development and Production Sharing for the

Azeri Azerbaijanis (; az, Azərbaycanlılar, ), Azeris ( az, Azərilər, ), or Azerbaijani Turks ( az, Azərbaycan Türkləri, ) are a Turkic people living mainly in northwestern Iran and the Republic of Azerbaijan. They are the second-most nume ...

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 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 steppe of Central A ...

” 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 ...

and international companies.

History

The consortium was established in February 1995 after

PSA PSA, PsA, Psa, or psa may refer to: Biology and medicine * Posterior spinal artery * Primary systemic amyloidosis, a disease caused by the accumulation of abnormal proteins * Prostate-specific antigen, an enzyme used as a blood tracer for pros ...

was ratified by

Parliament of Azerbaijan The National Assembly ( az, Milli Məclis), also transliterated as Milli Mejlis, is the legislative branch of government in Azerbaijan. The unicameral National Assembly has 125 deputies: previously 100 members were elected for five-year terms ...

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, India ...

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 Equinor ASA (formerly Statoil and StatoilHydro) is a Norwegian state-owned multinational energy company headquartered in Stavanger. It is primarily a petroleum company, operating in 36 countries with additional investments in renewable energy. ...

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 3 ...

TPAO 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 ...

, 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-ei ...

Norway Norway, officially the Kingdom of Norway, is a Nordic countries, 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 ...

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

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 fifth-largest country in Asia, the second-largest in the Ara ...

). The biggest single shareholder is BP.

and co-venturers ( BP, Chevron, INPEX,

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 3 ...

, TP,

ITOCHU is a Japanese corporation based in Umeda, Kita-ku, Osaka and Aoyama, Minato, Tokyo. It is one of the largest Japanese '' sogo shosha'' (general trading companies). Among Japanese trading companies, it is distinguished by not being descend ...

and

ONGC Videsh The Oil and Natural Gas Corporation (ONGC) is a central public sector undertaking under the ownership of Ministry of Petroleum and Natural Gas, Government of India. It is headquartered in New Delhi. ONGC was founded on 14 August 1956 by the ...

) 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 Chevron (often relating to V-shaped patterns) may refer to: Science and technology * Chevron (aerospace), sawtooth patterns on some jet engines * Chevron (anatomy), a bone * '' Eulithis testata'', a moth * Chevron (geology), a fold in rock la ...

(United States) *

Devon Energy Devon Energy Corporation is an energy company engaged in hydrocarbon exploration in the United States. It is organized in Delaware and its corporate operative headquarters are in the 50-story Devon Energy Center in Oklahoma City, Oklahoma. I ...

(USA) *

Equinor Equinor ASA (formerly Statoil and StatoilHydro) is a Norwegian state-owned multinational energy company headquartered in Stavanger. It is primarily a petroleum company, operating in 36 countries with additional investments in renewable energy. I ...

(Norway) * Türkiye Petrolleri Anonim Ortaklığı (TPAO;

) *

Amerada Hess Hess Corporation (formerly Amerada Hess Corporation) is an American global independent energy company involved in the exploration and production of crude oil and natural gas. It was formed by the merger of Hess Oil and Chemical and Amerada Petr ...

(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 natu ...

(SOCAR; Azerbaijan) *

(USA) * Inpex (Japan) *

Itochu is a Japanese corporation based in Umeda, Kita-ku, Osaka and Aoyama, Minato, Tokyo. It is one of the largest Japanese '' sogo shosha'' (general trading companies). Among Japanese trading companies, it is distinguished by not being descend ...

(Japan) The AIOC made significant investment contributing to the construction of the

South Caucasus Pipeline The South Caucasus Pipeline (also known as Baku–Tbilisi–Erzurum Pipeline, BTE pipeline, or Shah Deniz Pipeline) is a natural gas pipeline from the Shah Deniz gas field in the Azerbaijan sector of the Caspian Sea to Turkey. It runs parallel t ...

, 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 to the north and west, China to the east, Kyrgyzstan to the southeast, Uzbeki ...

and Azerbaijan. Extraction of oil from the Azeri-Chirag-Guneshli fields and natural gas from

Shah Deniz Shah Deniz gas field ( az, Şahdəniz) is the largest natural gas field in Azerbaijan. It is situated in the South Caspian Sea, off the coast of Azerbaijan, approximately southeast of Baku, at a depth of . The field covers approximately . Stretch ...

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