The National Iranian Oil Company (NIOC), under the direction of the Ministry of Petroleum
of Iran, is an oil and natural gas producer and distributor headquartered
in Tehran. It was established in 1948.
NIOC was established with
the objective of the exploration, development, production, marketing and sales
of crude oil and natural gas. NIOC's oil and gas reserves in early 2005 was as
follows;
Recoverable liquid hydrocarbon reserves in early 2005, 136.99
billion barrels (21.780×109 m3, 10% of world's total).
Recoverable gas
reserves in early 2005 , 28.17×1012 m3 (15% of world's total).
NIOC is
considered the second largest oil firm of the world.
Current NIOC production
capacities include over 4 million barrels (640×103 m3) of crude oil and
in excess of 300 million cubic meters of natural gas per day.
Iran’s
cumulative oil production has reached to 61 billion barrels by the end of 2007,
most of these volume produced after 1951, under the supervision of NIOC.
National
Iranian Oil Company was established in 1948 under the leadership
of then Prime Minister Mohammad Mossadegh when the Anglo-Iranian Oil Company
was nationalized. Following the 1953 coup that overthrew Mossadegh it became
a consortium of international oil companies: 40% owned by Anglo-Iranian holding,
five American companies holding 40%, and the Royal Dutch/Shell and Compagnie
Francaise de Petroles holding 10% each. |
