Caspian International Petroleum Company
| Company type | Joint operating company |
|---|---|
| Industry | Oil and gas |
| Founded | June 4, 1996 |
| Defunct | February 23, 1999 |
Area served | Caspian Sea region, Azerbaijan |
Key people | James A. Tilley (President) |
| Products | Petroleum exploration, development, and production |
Caspian International Petroleum Company (CIPCO; ) was a joint operating company created by production sharing partners to conduct exploration, development, and production activities in the Karabakh area located in the Caspian Sea region of Azerbaijan.
History
Founded on 4 June 1996, CIPCO was headed by President James A. Tilley, who previously served as President of Pennzoil Caspian.
The ownership distribution among the stakeholders in the Karabakh project was as follows:
| Company | Share |
|---|---|
| LUKAgip JV | 45% |
| Pennzoil | 30% |
| LUKOIL | 12.5% |
| SOCAR | 7.5% |
| Agip | 5% |
Feasibility studies
CIPCO projected capital expenditures up to $2 billion, dependent on positive reserve evaluations, and allocated close to $100 million toward feasibility analysis.
- Termination
In January 1999, CIPCO’s leadership announced that the project was not commercially viable, resulting in the suspension of operations on 23 February 1999 and subsequent company dissolution.
See also
- Azeri-Chirag-Guneshli — Oil fields of the Caspian Sea.
- Karabakh (Oil and Gas field) — Oil field in the Caspian Sea.
- Sangachal Terminal — Facility for natural gas processing and oil production along the Caspian coast.
External links
- Defunct oil and gas companies of Azerbaijan
- Caspian Sea
- Former joint ventures
- Energy companies established in 1996
- Non-renewable resource companies established in 1996
- Non-renewable resource companies disestablished in 1999
- 1996 establishments in Azerbaijan
- 1999 disestablishments in Azerbaijan
- Defunct energy companies of Azerbaijan