The National Iranian Oil Company (NIOC; Persian: شرکت ملّی نفت ایران, romanized: Sherkat-e Melli-ye Naft-e Īrān) is a government-owned national oil and natural gas producer and distributor under the direction of the Ministry of Petroleum of Iran. NIOC was established in 1948 and restructured under The Consortium Agreement of 1954.[5] NIOC ranks as the world's second largest oil company, after Saudi Arabia's state-owned Aramco.[6]
The NIOC is exclusively responsible for the exploration, drilling, production, distribution and export of crude oil, as well as exploration, extraction and sales of natural gas and liquefied natural gas (LNG). NIOC exports its surplus production according to commercial considerations determined by the OPEC and at the prices prevalent in the international markets. In early 2015 NIOC's recoverable liquid hydrocarbon reserves was 156.53 billion barrels (24.886 km3) (10% of world's total) and recoverable gas reserves were 33.79×1012 m3 (15% of world's total). As at 2012, the NIOC production capacity included over 4 million barrels (640×10^3 m3) of crude oil and in excess of 750 million cubic meters of natural gas per day.[5]
Flag of the National Iranian Oil Company
^Katzarov, Konstantin (2012), Bradley, Anthony Wilfred (ed.), The Theory of Nationalisation, Springer Science & Business Media, ISBN 9789401510554, In the second Act, it was declared that from 20 March 1951, the Iranian nation were "lawfully and unquestionably entitled to the entire earnings derived from Oil and Oil Products" (Article 4)... By Article 4, a National Oil Company was established and provision was also made (article 3) for investigating the claims of the Anglo-Iranian Oil Company to compensation.
^"NIOC Chief: Annual oil revenues $110 billion in last Iranian calendar year, ended 20 March 2012". Iran Daily Brief. 6 February 2013.
^"Iran's NIOC assets surpass $200 billion - Tehran Times". Archived from the original on 19 April 2012. Retrieved 14 May 2013.
^"The Future of Iran's Oil And Gas Sector", Radio Farda, 7 November 2018, retrieved 1 April 2020
^ abIran's foreign trade report Archived 10 March 2013 at the Wayback Machine Iran Trade
^"PIW Ranks The World's Top Oil Companies". Energyintel. Retrieved 7 February 2012.
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US$110 billion (2012)[2]