Caspian International Petroleum Company

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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[edit]


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

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