The Agreement on joint development and production sharing for the Azeri and Chirag fields and the Deep Water Portion of the Gunashli field located in the Azerbaijani sector of the Caspian Sea (Contract of the Century) was signed on September 20, 1994, and went into effect the same year on December 12, 1994
As of the signing date 11 oil companies representing 6 countries of the world have participated in the Agreement.
Currently, shares of project participants are as follows:
• Azerbaijan (ACG) Limited – 11.6461 %
• BP Exploration (Caspian Sea) Limited – 35.7828 %
• Statoil Absheron a.s.- 8.5633%
• INPEX Southwest Caspian Sea, Ltd -10.9644%
• Turkish Petrol S.C -6.75%
• Exxon Azerbaijan Limited – Exxon Mobil – 8.0006%
• ITOCU Oil Exploration (Azerbaijan) Limited – 4.2986%
• Chevron Texaco – 11.2729%
• Amerada Hess – 2.7213%
The term of the agreement is 30 years. The Azerbaijan International Operating Company was made the operator of the agreement. The first oil project was sanctioned in 1995. The signing of this agreement marked the beginning of a new phase in the development of Azerbaijan's petroleum industry.
The agreement covers an area of approximately 432.4 km2, and the area is located 110-130 km east of Baku in waters 160-420 m. The main development targets include Balakhany VIII, X and "Pereryv" reservoir group.