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Private company

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.2 Wikipedia text CC BY-SA 4.0

Last updated Oct 21, 2026.

Overview

1996Founded1
  • Industrypetroleum industry1

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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 section of the Caspian Sea within Azerbaijan.2

The story

It was incorporated on 4 June 1996. The company was led by President James A. Tilley, who had been the President of Pennzoil Caspian.

Shareholders of CIPCO had the following stakes in Karabakh field:

Feasibility studies

The company estimated an investment of up to $2 billion, if the feasibility studies proved the expectations for reserves. CIPCO spent nearly $100 million on feasibility studies.

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.

From Wikipedia’s article on Caspian International Petroleum Company, shared under CC BY-SA 4.0.3

Timeline

  1. 1996Founded Founded1

Sources

The numbers on this page point here. Each one links to the record it came from.

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