National Iranian Oil Company - Introduction

Introduction

Hafez Crossing, Taleghani Avenue
Tehran
Iran
Telephone: 98-21-615-4975
Fax: 98-21-615-4977
Web site: http://www.nioc.com

State-Owned Company
Incorporated: 1951
Sales: $16 billion (2002 est.)
NAIC: 211111 Crude Petroleum and Natural Gas Extraction; 211112 Natural Gas Liquid Extraction; 213111 Drilling Oil and Gas Wells

The second largest producer of oil among Organization of the Petroleum Exporting Countries (OPEC) companies in 2003, state-owned National Iranian Oil Company (NIOC) boasts about 7 percent of the world's total oil reserves. Its natural gas reserves are the second largest in the world, totaling about 812 trillion cubic feet in the early 2000s. NIOC produces some 3.8 million barrels of oil daily, and it provides nearly half of the Iranian government's revenues. Earnings from oil exports account for about 80 percent of the country's total export revenues. The company hopes to step up its exploration efforts in the early 21st century.