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 Caspian Sea. 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% |
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] In January, 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
- Karabakh (Oil and Gas field)
- Azeri-Chirag-Guneshli
- Baku–Tbilisi–Ceyhan pipeline
- Sangachal Terminal
- South Caucasus Pipeline
- Baku-Supsa pipeline
- Baku–Novorossiysk pipeline
References
- ↑ "Caspian International Petroleum Company. Formed for Exploration, Development of Karabakh Prospect". Azerbaijan International. Autumn 1996. Retrieved 2009-12-08.
- ↑ James Tilley (Winter 1996). "CIPCO. Developing the Karabakh Prospect". Azerbaijan International. Retrieved 2009-12-08.
- ↑ НЕФТЕГАЗОДОБЫЧА В СТРАНАХ СНГ
- ↑ "CIPCO dissolved" 4 (4). Alexander's Gas & Oil Connections. 1999-03-03. Retrieved 2009-12-08.
External links
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