National Iranian Oil Company
National Iranian Oil Company headquarters | |
| Company type | State-owned enterprise |
|---|---|
| Industry | Oil and gas |
| Predecessor | Anglo-Persian Oil Company |
| Founded | 20 March 1951 |
| Founder | Government of Iran:
|
| Headquarters | Taleghani Street, Tehran, Iran |
Area served | Worldwide |
Key people | Mohsen Paknejad (Chairman) Hamid Bovard (CEO) |
| Products | Petrochemicals |
| Revenue | Oil and gas US$53 billion (2023) |
| Total assets | US$200 billion (2023) |
| Owner | Iranian government (100%) |
Number of employees | 87,500 (2018) |
| Parent | Ministry of Petroleum |
| Subsidiaries | NISOC IOOC ICOFC NIDC NICO NITCO |
| Website | en |
The National Iranian Oil Company (NIOC; Persian: شرکت ملّی نفت ایران, romanized: Sherkat-e Melli-ye Naft-e Irān) 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 1951 and restructured under The Consortium Agreement of 1954. NIOC ranks as the world's second largest oil company, after Saudi Arabia's state-owned Aramco.
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 of 2012, the NIOC production capacity included over 4 million barrels (640×103 m3) of crude oil and in excess of 750 million cubic meters of natural gas per day.