Azerbaijan is marking Oil Workers' Day on Thursday 20 September.
The date commemorates the signing of a production sharing agreement, dubbed the Contract of the Century, with a consortium of foreign companies on 20 September 1994. The contract to develop the Azeri-Chirag-Gunashli offshore bloc of oil fields was signed by oil majors Amoco, BP, McDermott, Unocal, Lukoil, Statoil, Exxon, TPAO, Pennzoil, Itochu, Ramco, Delta and SOCAR.
The companies set up the Azerbaijan International Operating Company which in the first six months of 2011 produced on average 775,700 barrels per day from the Azeri-Chirag-Guneshli bloc, a total of 140.4m barrels (19m tonnes).
The current members of the BP-led AIOC are BP with a 35.78% share, Chevron – 11.27%, Inpex – 10.96%, Itochu – 4.3%, ExxonMobil - 8.0006%, Hess - 2.72%, SOCAR - 11.65%, Statoil - 8.56% and TPAO - 6.75%.
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