Azerbaijan International Operating Company

Azerbaijan International Operating Company is a consortium formed to implement the terms of the “Agreement on the Joint Development and Production Sharing for the Azeri and Chirag Fields and the Deep Water Portion of the Gunashli Field in the Azerbaijan Sector of the Caspian Sea” signed among SOCAR and international companies. History The consortium was established in February 1995 after PSA was ratified by Parliament of Azerbaijan on December 2, 1994. AIOC initially consisted of 11 companies (BP, Amoco, Unocal, LUKoil, Statoil, Exxon, TPAO, Pennzoil, McDermott, Ramco, Delta Nimir) representing 6 countries (UK, USA, Russia, Norway, Turkey and Saudi Arabia). The biggest single shareholder is BP. SOCAR and co-venturers (BP, Chevron, INPEX, Statoil, ExxonMobil, TP, ITOCHU and ONGC Videsh) signed amended and restated Azeri-Chirag-Deepwater Gunashli Production Sharing Agreement (PSA) on September 14, 2017, and extended the development of this field until 2050. Overview Azerbaijan International Operating Company is a consortium of currently 10 petroleum companies that have signed extraction contracts with Azerbaijan. These companies include: BP (UK) Chevron (United States) Devon Energy (USA) Equinor (Norway) Türkiye Petrolleri Anonim Ortaklığı (TPAO; Turkey) Amerada Hess (USA) State Oil Company of Azerbaijan (SOCAR; Azerbaijan) ExxonMobil (USA) Inpex (Japan) Itochu (Japan)