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  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 1951. Petroleum Intelligence Weekly ranks NIOC as the world's second largest oil company, after Saudi Arabia's state-owned Aramco.[1] 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;[2]
Current NIOC production capacities include over 4 million barrels (640×103 m3) of crude oil and in excess of 500 million cubic meters of natural gas per day. In 2008, the average extraction cost of oil was less than $5 per barrel. This does not include processing (refining) and distribution costs.[3] Iran’s cumulative oil production has reached to 61 billion barrels by the end of 2007[4], most of these volume produced after 1951, under the supervision of NIOC. The company benefits from its modern extensive facilities on the three islands of Kharg, Lavan and Sirri consisting of 17 jetties capable of berthing tankers of all sizes to lift and export its crude oil. Iran's overall export crude oil price value about 52 billion dollars until the end of the year.[5] As of 2005 it also owns 50% of the offshore gas field of Rhum in the North Sea, which is Britain's largest untapped gas field. NIOC produces 50-80% of its industrial equipment domestically including refineries, oil tankers, oil rigs, offshore platforms and exploration instruments [6][7].
[edit] HistoryMain articles: William Knox D'Arcy and Anglo-Iranian Oil Company National Iranian Oil Company was established in 1951 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. The consortium shared profits 50-50 with Iran but did "not to open its books to Iranian auditors or to allow Iranians onto its board of directors." [8] According to the company's Web site: The victory of the Islamic revolution annulled the Consortium Agreement of 1954 and all regulations pertaining to it. The taking of power by the Islamic Republic led to the withdrawal of foreign employees from Iran's oil industry; domestic employees took full control of its affairs.[9] [edit] NIOC's Oil ReservesMain article: NIOC's Oil Reserves According to OPEC, NIOC recoverable liquid hydrocarbon reserves at the end of 2006 was 138,4 billion barrels.[4] NIOC oil reserves at the beginning of 2001 was reported to be about 99 billion barrels[4], however in 2002 the result of NICO’s study showed huge reserves upgrade adding about 31,7 billion barrels of recoverable reserves to the Iranian oil reserves. After 2003 Iran has made some significant discoveries which lead to addition of another 7.7 billion barrels of oil to the recoverable reserves of Iran. [13] In April 2006 the Fars News Agency reported that Iran has begun plans to create an SPR. The National Iranian Oil Company (NIOC) has begun construction of 15 crude oil storage tanks with a planned capacity of 10 million barrels.[10] Table 1- The five biggest NIOC oil fields;[11]
[edit] NIOC's Gas ReservesMain articles: Iran Natural Gas Reserves and National Iranian Gas Company NIOC holds about 1,000×1012 cu ft (28,000 km3) of proven Natural gas reserves of which 36% are as associated gas and 64% is in non associated gas fields. It stands for world's second largest reserves after Russia.[12] NIOC’s ten biggest Non-Associated Gas Fields;
[edit] Recent DiscoveriesMain article: NIOC Recent Discoveries Since 1995, National Iranian Oil Company (NIOC) has made significant oil and gas discoveries, standing for some 84-billion-barrel (1.34×1010 m3) of oil in place and at least 175×1012 cu ft (5,000 km3) of gas in place, which are listed below.[17]
[edit] Organizational StructureThe company is completely owned by Iranian government. NIOC's General Assembly consisting of the President, Vice President, Director General of the Management and Planning Organization, Ministers of Oil, Energy, Industries and Mines, Labor and Social Affairs, Economy and Finance is its highest decision marking body, determining the company's general policy guide lines, and approving the annual budgets, operations and financial statements and balance sheets. The company's Board of Directors has the authority and major responsibilities to approve the operational schemes within the general framework ratified by the General Assembly, approve transactions and contracts, and prepare budgets and Board reports and annual balance sheets for presentation to the General Assembly. The Board supervises the implementation of general policy guidelines defined by the General Assembly, and pursues executive operations via the company's Managing Director. [edit] Subsidiary CompaniesWith appropriate division of tasks and delegation of responsibilities to subsidiaries- affiliates, NIOC has been able to establish acceptable degrees of coordination within its organizational set up. In fact, NIOC's Directors act primarily in policy making and supervision while subsidiaries act as their executive arm in coordinating an array of operations such as exploration, drilling, production and delivery of crude oil and natural gas, for export and domestic consumption. The NIOC's subsidiaries are as follows:
[edit] NIOC's major domestic contractorsSee also: National Iranian Petrochemical Company
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