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.
[2] 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).
[1] 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.
Extraction of oil from the Azeri-Chirag-Guneshli fields and natural gas from Shah Deniz has been possible through foreign direct investment in this consortium.
According to the latest agreement, the shares will be as follows Milli Majlis ratifies the contract signed on September 14, 2017:[3]