Top 10 Oil & Gas Companies: National Iranian Oil Co (NIOC)
The National Iranian Oil Company (NIOC,) overseen by Iran’s Ministry of Petroleum, is exclusively responsible for Iran’s crude oil and gas exploration and production operations, as well as research projects leading to the development of new oil fields.
Remarkably the NIOC remained a major oil and gas producer despite international sanctions targeting oil revenues in an effort to stop Iran’s nuclear programme. Once the sanctions were lifted in January 2016, Iran’s officials not only renewed calls for foreign investment but also said that the country’s exports will reach 2.2 barrels /day, excluding condensates.
Besides being a major market for its oil, the Iranian government is hoping that Asia becomes a key source of investment in energy, argues The Economist. A consortium led by India’s state-run Oil and Natural Gas Corporation has signed a preliminary agreement for a US$10bn project to co-develop Iran’s Farzard-B offshore gasfield, thus reviving a co-operation agreement that was halted following the 2012 sanctions, continues The Economist.
Key facts and figures
· Crude oil and condensate reserves (billions of barrels): 137
· Gas reserves (associated and non-associated) (trillions of standard cubic feet): 29
· Crude oil exports (millions of barrels / day): 2.2
· President and CEO: Roknoddin Javadi
DID YOU KNOW?
The NIOC is currently contesting Saudi Aramco over the name of the Arabian Gulf which it believes should be referred to as the Persian Gulf.