Azerbaijan International Operating Company (AIOC)

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The Azerbaijan International Operating Company (AIOC) is a consortium of eleven major international oil companies from seven countries, and Azerbaijan's state oil company SOCAR, which signed a 30-year Production Sharing Agreement (PSA) in September 1994, also known as the 'Contract of the Century'.[1]

The consortium is developing the Azeri-Chirag-Guneshli (ACG) group of oil fields, which became the main source for the Baku-Tbilisi-Ceyhan Oil Pipeline (BTC). The group started producing at the Chirag field (part of the complex of fields) in 1997, In 2006, the consortium started pumping oil from the East Azeri field, part of the ACG complex, at the Central Azeri Field in 2005, and from the Western and Eastern Azeri fields in 2003.[2] The AIOC was set up to conduct daily management, coordination and implementation of oil and gas operations.[1]

As of 2012, the composition of AIOC was as follows:[3]

Company Headquarters  % stake
BP UK 34.14%
Chevron US 10.28%
SOCAR Azerbaijan 10%
Inpex Japan 10%
Statoil Norway 8.56%
ExxonMobil US 8%
Statoil Norway 8.56%
TPAO Turkey 6.75%
Devon Energy US 5.63%
Itochu Japan 3.92%
Hess US 2.72%

References

  1. 1.0 1.1 "Azerbaijan Oil Contracts" Azerbaijan International, January 1999.
  2. "AIOC starts pumping oil early from East Azeri field" Reuters, 23 October 2006.
  3. "Projects in Azerbaijan" State Oil Company of Azerbaijan, Repräsentanz Deutschland, 2012.