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.<ref name="Azerbaijan International"> Template:Cite journal </ref>
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.<ref name="Azerbaijan International-2"> Template:Cite journal </ref> CIPCO spent nearly $100 million on feasibility studies.<ref name=Nefte.ru>НЕФТЕГАЗОДОБЫЧА В СТРАНАХ СНГ</ref>
- 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.<ref> Template:Cite news</ref>
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.
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