Ministry of Petroleum (Iran)

The Ministry of Petroleum (MOP) (Persian: وزارت نفت, romanized: Vezârat-e Naft) manages all aspects of the Iranian oil industry, including the discovery, extraction, production, distribution, and importation and exportation of crude oil and petrochemical products. The Ministry has been sanctioned by the United States Department of State since 2020.

According to BP, Iran has 137.6 billion barrels (2.188×10¹⁰ m³) of proven oil reserves and 29.61 trillion cubic meters of proven gas reserves. Iran ranks third in the world in oil reserves and second in gas reserves. It is responsible for applying the principle of Iranian ownership and sovereignty over oil and gas reserves. Also, it is undertake the separation of sovereignty tasks from management and development of country's oil and gas industry.

The Ministry was established after revolution in Iran and in the interim government of Bazargan, after departure of Hasan Nazia, the managing director of National Iranian Oil Company from the country in 1979. The organizational structure of this ministry consists of a central headquarters and four subsidiaries, including National Iranian Oil Company, National Iranian Gas Company, National Iranian Petrochemical Company and National Iranian Oil Refining and Distribution Company. It monitors the operations of exploration, extraction, marketing and sale of crude oil, natural gas and oil products in the country through its subsidiaries. In addition to meeting its major energy needs, the ministry supplies over 80% of foreign currency earnings by exporting crude oil and refined petroleum products.

According to the Fourth Economic, Social and Cultural Development Plan, the Government has been required to transfer at least 10% of the activities related to the exploration, extraction and production of crude oil to the private sector, while in the meantime retaining its ownership of oil resources. This is also the case in other fields of the Ministry of Petroleum's activities.

Iran plans to invest $500 billion in the oil sector until 2025. As of 2010, US$70 billion worth of oil and gas projects were under construction. Iran's annual oil and gas revenues were expected to reach $250 billion by 2015.