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]

gollark: Am I better at resisting peer pressure than other people: well, I'd *like* to think so, but so would probably everyone else ever.
gollark: Anyway, I have, I think, reasonably strong "no genocide" ethics. But I don't know if, in a situation where everyone seemed implicitly/explicitly okay with helping with genocides, and where I feared that I would be punished if I either didn't help in some way or didn't appear supportive of helping, I would actually stick to this, since I don't think I've ever been in an environment with those sorts of pressures.
gollark: Maybe I should try arbitrarily increasing the confusion via recursion.
gollark: If people are randomly assigned (after initial mental development and such) to an environment where they're much more likely to do bad things, and one where they aren't, then it seems unreasonable to call people who are otherwise the same worse from being in the likely-to-do-bad-things environment.I suppose you could argue that how "good" you are is more about the change in probability between environments/the probability of a given real world environment being one which causes you to do bad things. But we can't check those with current technology.
gollark: I think you can think about it from a "veil of ignorance" angle too.

See also
  • Azeri-Chirag-Guneshli — Caspian Sea oil fields.
  • Karabakh (Oil and Gas field) — Caspian Sea oil field.
  • Sangachal Terminal — natural gas processing and oil production plant on the coast of the Caspian Sea.
  • Oil and gas companies of Azerbaijan
  • Petroleum in Azerbaijan

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". 4 (4). Alexander's Gas & Oil Connections. 1999-03-03. Retrieved 2009-12-08.

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