National Iranian Oil Company

National Iranian Oil Company

Type	State-owned enterprise
Industry	Oil and gas
Founded	1948
Headquarters	Tehran, Iran
Area served	Worldwide
Key people	Bijan Namdar Zanganeh (Chairman) Roknoldin Javadi (CEO)
Products	Oil, natural gas and petrochemicals
Revenue	US$ 110 billion (2012)[1]
Total assets	US$ 200 billion (2012)[2]
Owner(s)	Iranian government
Employees	41,000 (2011)
Subsidiaries	23
Website	NIOC.ir

The National Iranian Oil Company (NIOC) (Persian: شرکت ملّی نفت ایران‎ Sherkat-e Melli-ye Naft-e Īrān), a government-owned corporation 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.^[3] NIOC ranks as the world's third largest oil company, after Saudi Arabia's state-owned Aramco.^[4] and Gazprom.

The NIOC is exclusively responsible for the exploration, extraction, transportation and exportation of crude oil, as well as sales of natural gas and liquefied natural gas (LNG). Having provided the domestic refineries and manufacturing plants with crude oil required for the petroleum products, the NIOC exports its surplus production according to commercial considerations in the framework of the quotas determined by the Organization of Petroleum Exporting Countries (OPEC) and at the prices prevalent in the international markets. The NIOC also signs some long term contracts on "buy-back" basis with foreign companies in order to exploit national oil fields and export its products. The NIOC exports natural gas and liquefied natural gas via the "National Iranian Gas Export Company".^[3]

NIOC's oil and gas reserves in early 2005 was as follows;^[5]

• Recoverable liquid hydrocarbon reserves in early 2005, 136.99 billion barrels (21.780 km³) 10% of world's total.
• Recoverable gas reserves in early 2005, 28.17×10¹² m³ (15% of world's total).

Current NIOC production capacities include over 4 million barrels (640×10^³ m³) of crude oil and in excess of 500 million cubic meters of natural gas per day.^[3] In 2008, the average extraction cost of oil was less than $5 per barrel. This does not include processing (refining) and distribution costs.^[6]

Iran’s cumulative oil production has reached to 61 billion barrels (9.7×10⁹ m³) by the end of 2007,^[7] most of these volume produced after 1951, under the supervision of NIOC. Iran's overall export crude oil was valued at US$85 billion in 2010.

History

Background: 1901 - 1951

In May 1901, William Knox D'Arcy was granted a concession by the Shah of Iran to search for oil, which he discovered in May 1908.^[8] This was the first commercially significant find in the Middle East. In 1923, Burmah employed future Prime Minister, Winston Churchill as a paid consultant; to lobby the British government to allow APOC have exclusive rights to Persian oil resources, which were successfully granted.^[9]

In 1935, Rezā Shāh requested the international community to refer to Persia as 'Iran', which reflected in the name change of APOC to the Anglo-Iranian Oil Company (AIOC).^[8] Following World War II, Iranian nationalism was on the rise, especially surrounding the Iranian natural resources being exploited by the foreign companies without adequately compensating Iranian taxpayers. AIOC and the pro western Iranian government led by Prime Minister Ali Razmara, initially resisted nationalist pressure to revise AIOC's concession terms still further in Iran's favour. In March 1951, Ali Razmara was assassinated; and Mohammed Mossadeq, a nationalist, was elected as the new prime minister by the Majlis of Iran.^[10][11]

NIOC: 1951 - 1979

In April 1951, the Majlis nationalised the Iranian oil industry by unanimous vote, and the National Iranian Oil Company (NIOC) was formed, displacing the AIOC.^[12] The AIOC withdrew its management from Iran, and organised an effective worldwide embargo of Iranian oil. The British government, which owned the AIOC, contested the nationalisation at the International Court of Justice at The Hague, but its complaint was dismissed.^[13]

By spring of 1953, incoming US President Dwight D. Eisenhower authorised the Central Intelligence Agency (CIA), to organise a coup against the Mossadeq government, known as the 1953 Iranian coup d'état.^[14] In August 1953, the coup brought pro-Western general Fazlollah Zahedi as the new PM, along with the return of the Shah Mohammad Reza Pahlavi from his brief exile in Italy to Iran.^[15] The anti-Mossadeq plan was orchestrated under the code-name 'Operation Ajax' by CIA, and 'Operation Boot' by SIS (MI6).^[14][16][17]

In 1954, the AIOC became the British Petroleum Company. The return of the shah did not mean that British Petroleum would be able to monopolise Iranian oil as before. Under the pressure from United States, British Petroleum reluctantly accepted membership in a consortium of companies, founded in October 1954, to bring back Iranian oil to the international market. It was incorporated in London as a holding company called 'Iranian Oil Participants Ltd' (IOP).^[18][19] The founding members of IOP included British Petroleum (40%), Gulf (later Chevron, 8%), Royal Dutch Shell (14%), and Compagnie Française des Pétroles (later Total S.A., 6%). The four Aramco partners - Standard Oil of California (SoCal, later Chevron) - Standard Oil of New Jersey (later Exxon, then ExxonMobil) - Standard Oil Co. of New York (later Mobil, then ExxonMobil) - Texaco (later Chevron) - each held an 8% stake in the holding company.^[10][18]

All IOP members acknowledged that NIOC owned the oil and facilities in Iran, and IOP's role was to operate and manage on behalf of NIOC. To facilitate that, IOP established two operating entities incorporated in Netherlands, and both were delegated to NIOC.^[18][19] Similar to the Saudi-Aramco "50/50" agreement of 1950,^[20] the consortium agreed to share profits on a 50–50 basis with Iran, "but not to open its books to Iranian auditors or to allow Iranians onto its board of directors."^[21][22] The negotiations leading to the creation of the consortium, during 1954-55, was considered as a feat of skillful diplomacy.^[10]

In Iran, IOP continued to operate until the Islamic Revolution in 1979. The new regime of Ayatollah Khomeini confiscated all of the company’s assets in Iran. 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.^[23]

NIOC's Oil Reserves

According to OPEC, NIOC recoverable liquid hydrocarbon reserves at the end of 2006 was 1,384 billion barrels (2.200×10¹¹ m³).^[7]

NIOC oil reserves at the beginning of 2001 was reported to be about 99 billion barrels (1.57×10¹⁰ m³),^[7] however in 2002 the result of NIOC’s study showed huge reserves upgrade adding about 317 billion barrels (5.04×10¹⁰ m³) 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 (1.22×10⁹ m³) of oil to the recoverable reserves of Iran.^[24]

The vast majority of Iran's crude oil reserves are located in giant onshore fields in the south-western Khuzestan region near the Iraqi border. Overall, Iran has 40 producing fields – 27 onshore and 13 offshore. Iran's crude oil is generally medium in sulfur and in the 28°-35 °API range.

As at 2012, 98 rigs are in operation in onshore fields, 24 in offshore fields and a single rig is in operation in the Caspian Sea. Iran plans to increase the number of its drilling rigs operating in its onshore and offshore oilfields by 36 units to reach 134 units by March 2014.^[25]

Table 1- The five biggest NIOC oil fields;^[26]

Rank	Field Name	Formation	Initial Oil in Place (Billion Barrels)	Initial Recoverable Reserves (Billion Barrels)	Production Thousand barrels per day
1	Ahwaz	Asmari & Bangestan	65.5	25.5	945
2	Marun	Asmari	46.7	21.9	520
3	Aghajari	Asmari & Bangestan	30.2	17.4	200
4	Gachsaran	Asmari & Bangestan	52.9	16.2	560
5	Karanj	Asmari & Bangestan	11.2	5,7	200

Largest Iranian Oil Fields

Field's Name	Thousand barrels per day	Thousand cubic meters per day
(onshore)
Ahwaz (Asmari Formation)	align="right"|700	110
Gachsaran	align="right"|560	89
Marun	align="right"|520	83
Bangestan	align="right"|245	39.0
AghaJari	align="right"|200	32
Karanj-Parsi	align="right"|200	32
Rag-e-Safid	align="right"|180	29
BibiHakimeh	align="right"|130	21
Darquin	align="right"|100	16
Pazanan	align="right"|70	11
(offshore)
Dorood	align="right"|130	21
Salman	align="right"|130	21
Abuzar	align="right"|125	19.9
Sirri A&E	align="right"|95	15.1
Soroush/Nowruz	align="right"|60	9.5

Strategic petroleum reserves

Iran has begun plans to create a global strategic petroleum reserves in 2006 with the construction of 15 crude oil storage tanks with a planned capacity of 10 million barrels (1,600,000 m³).^[27] The storage capacity of oil products in the country is around 11.5 billion liters (2011), but it will reach 16.7 billion liters by the end of the Fifth Five Year Development Plan (2010-2015).^[28] As at 2012, Iran is capable of storing crude oil in the Persian Gulf for a period of 10–12 days. The figure should hit 30–40 days after the construction of new storage facilities are completed.^[29]

NIOC's gas reserves

NIOC holds about 1,000×10^¹² 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.^[30]

NIOC’s ten biggest Non-Associated Gas Fields;

NIOC’s ten biggest Non-Associated Gas Fields.^[31]

Field's Name	Gas In Place Tcf	Recoverable Reserve Tcf
South Pars	500	322
North Pars[32]	60	47
Kish[5]	60	45
Golshan[33]	55	25 - 45
Tabnak	NA	21,2
Kangan	NA	20,1
Khangiran	NA	16,8
Nar	NA	13
Aghar	NA	11,6
Farsi (B-Structure)	NA	11 - 22

Recent discoveries

Since 1995, National Iranian Oil Company (NIOC) has made significant oil and gas discoveries, standing for some 84-billion-barrels (1.34×10¹⁰ m³) of oil in place and at least 175×10^¹² cu ft (5,000 km³) of gas in place, which are listed below.^[34]

NIOC Oil Discoveries Since 1995.^[35]

Field's name	Oil in pPlace	Recoverable oil	Discovery year
	Billion Barrel	Billion Barrel
Azadegan	33.2	5.2
Yadavaran (Kushk+Hosseinieh)	17	3
Ramin[36]	7.398	1.11	2007
South Pars Oil Layer	6	NA
Band-E-Karkeh[37][38]	4.5	NA	2007
Mansour Abad	4.45	NA	2007
Changoleh[39]	2.7	NA
Azar[39][40]	2.07	NA	2007
Paranj	1.6	NA	2007
Andimeshk (Balaroud)[41]	1.1	0.233	2007
Binalood[42]	0.776	0.099	2008
Mansouri-Khami layer[40]	0.760	NA
Jofeyr-Fahliyan layer[43][44]	0.750	NA	2008
Asaluyeh[45]	0.525	NA	2008
Arvand[46]	0.500	NA	2008
Tusan	0.470	NA	2006
Arash	0.168	NA
Total	83.967	NA

NIOC Natural Gas Discoveries Since 1995.^[47]

Field's name	Gas in place		Recoverable gas reserve
	Trillion cubic feet	Billion cubic meters	Trillion cubic feet	Billion cubic meters
Kish[5]	align="right"|59	1,700	align="right"|47	1,300
Tabnak	align="right"|30	850	NA
Farsi (B-Structure)[48]	NA		11-23	310-650
Ghir (Sefid Zakhur)	align="right"|11.4	320	align="right"|8.5	240
Yadavaran-Gas Layer	align="right"|9.75	276	NA
Lavan	align="right"|9.1	260	NA
Balal-Dahroum Formation	align="right"|8.8	250	NA
Homa	align="right"|7.6	220	NA
Marun Gas Layer	align="right"|6.2	180	NA
Gardan	align="right"|5.7	160	NA
Day	align="right"|4.4	120	NA
Binak Gas Layer	align="right"|3.5	99	NA
Karanj Gas Layer	align="right"|2.9	82	NA
BiBi hakime Gas Layer	align="right"|2.4	68	NA
Zireh	align="right"|1	28	NA
Kuh-e-Asmari (Masjed Soleiman)[49]	align="right"|1	28	align="right"|0.739	20.9
Arash	align="right"|0.79	22	NA
Kheyr Abad	align="right"|0.17	4.8	NA
Total	align="right"|170	4,800	NA

Organizational structure

The company is completely owned by Iranian government. NIOC's General Assembly consists 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

It 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.

Subsidiary companies

With 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:

NIOC subsidiaries

Company Name	Activities[50]
Iranian Offshore Oil Company (IOOC)	in charge of offshore oil fields in the Persian Gulf offshore oil and gas fields with the exception of South Pars. It focuses mainly on production platforms, ancillary facilities, and installations.
Central Iranian Oil Fields Company	supervises all upstream activities in the central oil and gas regions of the country, i.e. everything, excluding the oil-rich southern Khuzestan province, Caspian and offshore.
National Iranian Gas Export Co. (NIGEC)	in charge of gas exports for the National Iranian Gas Company. Until May 2010, NIGEC was under the control of the NIOC, but the Petroleum Ministry transferred NIGEC, incorporating it under NIGC in an attempt to broaden responsibility for new natural gas projects.[51] See also: Persian pipeline and Peace pipeline.
National Iranian South Oil Company (NISOC)	in charge of onshore oilfields in southern Iran. Focuses on onshore upstream activity in the province of Khuzestan. As Khuzestan is the main oil and gas-producing province, this entity is among the most significant in the NIOC family. It produces approximately 80 percent of all crude oil produced in Iran.[51]
National Iranian Central Oil Company	supervises all upstream activities in the central oil and gas regions of the country, i.e. everything, excluding the oil-rich southern Khuzestan province, Caspian and offshore.
Khazar Oil Exploration and Production Company	in charge of Iran's Caspian Sea sector (onshore and offshore)
Karoon Oil and Gas Production Company (KOGPC)	Operating in Khouzestan, the company operates 538 wells and delivers natural gas to NIGC.[51]
Petroleum Engineering and Development Company (PEDEC)	is the most important NIOC offshoot company. The responsibility for all buy-back projects under operation, study or negotiation has been given to PEDEC. This company enjoys full authority to manage the projects. Further information: Foreign Direct Investment in Iran
Pars Oil and Gas Company (POGC)	National Iranian Gas Company does not play a role in awarding upstream gas projects; that task remains in the hands of the National Iranian Oil Company.[52] Pars Oil and Gas Co. is in charge of the offshore North and South Pars gas fields and responsible for awarding the contracts for the different phases. Since 2010, it has been raising capital on the domestic and international markets in order to finance its projects.
Pars Special Economic Energy Zone Co.	handles and organizes all activities in the Pars Special Economic-Energy Zone, located near the South Pars gas field (a subsidiary of Pars Oil & Gas Co.)
National Iranian Oil Terminals Company	has four transport hubs including 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 that load more than 2,000 oil tankers per year.[53] 2,000 of them dock in Bandar Abbas Port, 1,000 in Khark Island. Iran earned nearly $2 billion in 2009 from bunkering ships in the Persian Gulf (25% market share).[54] Projected bunkering sites by 2015: Bandar Abbas (two sites), Kish, Qeshm, Bushehr, Mahshahr, Assalouyeh, Khark and Chabahar.[55] Fujairah bunkering hub, UAE is Iran's main competitor in the Persian Gulf. The country's terminal storage capacity should soar to 100 million barrels by 2015 from the current 24 million barrels.[56]
National Iranian Drilling Company (NIDC)	in charge of all offshore and onshore drilling activities. NIDC provides more than 90 percent of drilling services needed by the oil companies inside the country. In 2011, NIDC, drilled or completed 192 oil and gas wells, drilled 454 thousand meters of wells and provided more than 8 thousand expert or technical services to customers.[57] As at 2012, 123 drilling rigs are in operation in Iran’s offshore and onshore.[25]
Ahwaz Pipe Mills Company	manufacturing oil and gas pipes and has a capacity of up to 420,000 tons per year. It operates three plants.
Iranian Fuel Conservation Organization	regimenting the fuel consumption in different sectors through review and survey of the current trend of consumption and executing conservation measures nationwide. See also: 2007 Gasoline Rationing Plan in Iran
National Iranian Tanker Company	controls the second largest fleet of tankers in OPEC.
Exploration Service Company (ESC)	responsible for providing operational services in all facets of exploration and production activities within NIOC onshore regions.
Kala Naft (London) Ltd.	in charge of carrying out the procurement needs of the NIOC that cannot be met domestically. However, NIOC organizations can in theory also purchase directly from suppliers.
Kala Naft (Canada) Ltd.	in charge of carrying out the procurement needs of the NIOC that cannot be met domestically
Naftiran Intertrade Co. (NICO) (Switzerland)	handles trading & swaps operations on behalf of NIOC. Iran has swap arrangements with Azerbaijan, Turkmenistan, and Kazakhstan, under which it ships crude from the Central Asian producers to its Caspian ports. In exchange Iran delivers the equivalent barrels of crude on behalf of the three Central Asian producers to their costumers in the Persian Gulf.[58] In October 2010, Iran asked for the terms of the contract to be re-negotiated because it claims it has lost money because of it.[59] On July 2, 2011, NIOC resumed oil swaps with Caspian states.[60] NaftIran also buys the vast majority of Iran's gasoline imports.[61] Naftiran is a key player in Iran's energy sector.
Petropars	General contractor for the oil & gas industry (a subsidiary of Naftiran Intertrade Co.)
Petroiran Development Company (aka PetroIran or PEDCO)	General offshore contractor (a subsidiary of Naftiran Intertrade Co.). PetroIran was initially formed to be the Iranian partner of foreign contractors with a 10% share in each buy-back contract.
Iranian Oil Company (UK)	in charge of Rhum gasfield (a subsidiary of Naftiran Intertrade Co.)
Iranian Offshore Engineering and Construction Company (IOEC)	First Iranian general contractor to the oil and gas industries. Joint venture with IDRO
Arvandan Oil & Gas Company (AOGC)	responsible for the development of the Arvandan oil & gas fields. AOGC was established in 2004 working as the main operator in oil and gas production from Azadegan, Yadavaran, Darquain, Jufeyr, Moshtagh, Khorramshahr, Arvand, Susangerd, Band-e-Karkheh, Omid and other fields which are located in west of Karun River.[62]
Research Institute of Petroleum Industry (RIPI)	NIOC will implement 69 research projects between 2010 and 2015 which include topics as enhancing recovery rate, modeling, control and management of reservoirs, production and exploitation, exploration, promotion and technology in drilling operations, establishment of an integrated data bank, industrial protection and environment, optimizing energy consumption, materials and equipments manufacturing, strategic and infrastructure studies, productivity and specialized maintenance.[57] See also: Science and technology in Iran.

Production costs and investments

The cost of producing each barrel will rise to $30 or more from $7 in 2012.^[63]

Iran currently allocates $20 billion a year to develop fields and $10 billion on maintaining output. In the next decade, maintaining production will cost $50 billion, with a similar sum required for development.^[63]

NIOC's major domestic contractors

Although usually neglected and overlooked, Iran also has a number of very active private companies in the oil sector. The growing private sector activity is mainly active in projects involving the construction of oil field units, refinery equipment, tanks and pipelines, as well as engineering. Iranian manufacturers will supply oil industry with $10 billion worth of domestically-made goods and equipment in 2012.^[64]

Iranian companies are already outperforming foreign firms in South Pars.^[65] NIOC produces 60-70% of its industrial equipment domestically including refineries, oil tankers, oil rigs, offshore platforms and exploration instruments.^{[66][67][68][69]} Iran is also cooperating with foreign companies to transfer technology to Iranian oil industry.^[70] The objective is to become self-sufficient by 85% before 2015.^[71] The strategic goods include onshore and offshore drilling rigs, pumps, turbines and precision tools. Domestic production of 52 petrochemical catalysts will be started in 2013.^[72]

Participations in foreign gas fields

• Iran owns 50% of the offshore gas field of Rhum in the North Sea, which is Britain's largest untapped gas field. It is a joint-venture with BP worth $1 million a day at June 15, 2010 spot prices.^[61]

• Iran has another 10% joint-venture participation with BP and other foreign oil companies in Azerbaijani Shah Deniz gas field, producing 8 billion cubic meters of gas per year, worth up to a reported $2.4 billion per year. The Iranian entity with which BP has partnered in these ventures is the Swiss-based Naftiran Intertrade, a subsidiary of NIOC.^[61] Shah Deniz is not subject to US sanctions.^[73]

See also

• International rankings of Iran
• Petroleum industry in Iran
• Ministry of Petroleum of Iran
  • National Iranian Gas Company
  • National Iranian Petrochemical Company
  • National Iranian Oil Refining and Distribution Company
• Economy of Iran
• Iranian oil bourse
• Foreign Direct Investment in Iran
• Privatization in Iran
• Eilat Ashkelon Pipeline Company - used to be 50% in control of NIOC and the focus of a dispute between Israel and Iran.

References

Further reading

• The Asmari Giant Reservoirs
• Persia Land of Black Gold
• Continue_98522 Iranian Discoveries Continue

External links

Wikimedia Commons has media related to National Iranian Oil Company.

• NIOC - Official Site
• SHANA - Official News Service for Oil and Gas in Iran
• US Department of Energy - Iran's entry
• PEDEC - Official Site
• Oil & Gas Industry in Iran - 2003 Study (history, market overview, domestic suppliers, major projects, buy-backs)
• Australian Trade - Industry Profile for the Oil Sector in Iran
• Iran Oil & Gas Resources
• National Iranian Oil Company's Information Center & Central Library
• UN Comtrade - Iran crude oil exports stats
• NIOC Football Team - Tehran Oil Football Committee

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