Caspian International Petroleum Company

Caspian International Petroleum Company (CIPCO; Azerbaijani: Xəzər Beynəlxalq Neft Şirkəti) was a joint operating company established by production shareholding companies for exploration, development and production sharing of the Karabakh field in the section of the Caspian Sea within Azerbaijan.

History

It was incorporated on 4 June 1996. The company was led by President James A. Tilley, who had been the President of Pennzoil Caspian.[1]

Shareholders of CIPCO had the following stakes in Karabakh field:

Company Interest
LUKAgip JV 45%
Pennzoil 30%
LUKOIL 12.5%
SOCAR 7.5%
Agip 5%

Feasibility studies

The company estimated an investment of up to $2 billion, if the feasibility studies proved the expectations for reserves.[2] CIPCO spent nearly $100 million on feasibility studies.[3]

Closure

In January 1999, the consortium management announced the project was not commercially feasible and as of 23 February 1999, it stopped its operations and was dissolved.[4]

See also

References

  1. ^ "Caspian International Petroleum Company. Formed for Exploration, Development of Karabakh Prospect". Azerbaijan International. Autumn 1996. Retrieved 2009-12-08.
  2. ^ James Tilley (Winter 1996). "CIPCO. Developing the Karabakh Prospect". Azerbaijan International. Retrieved 2009-12-08.
  3. ^ НЕФТЕГАЗОДОБЫЧА В СТРАНАХ СНГ
  4. ^ "CIPCO dissolved". Vol. 4, no. 4. Alexander's Gas & Oil Connections. 1999-03-03. Retrieved 2009-12-08.