National Iranian Oil Company; How was Iran’s largest energy player formed?

According to Energy Press, the story of this company is a narrative of the connection between politics, economics, and energy; a narrative that began in March 1950 and continues to this day. The path that began with the nationalization of the oil industry continued with structural changes after the revolution, and now, in the form of a vast network of manufacturing and service companies, it supplies the majority of the country’s energy.
From national will to focus on production

Everything began with a “national will”; in 1950, when Iranian oil was freed from foreign domination and the National Iranian Oil Company stepped into the field to be the heir to the black gold. Since 1955, this company officially replaced the British Petroleum Company. After the 1979 revolution and with the formation of the Ministry of Oil, the refining, gas, and petrochemical sectors were separated from it, and the National Oil Company’s focus was once again on its main mission, which is production.

Powerful numbers

At times in its history, the National Iranian Oil Company has experienced daily production of over five million barrels of oil. Today, despite all the restrictions, the country’s average oil production has reached more than three million barrels per day; a figure that, along with the daily production of about one billion cubic meters of natural gas and nearly 900,000 barrels of gas condensate, has made this company the backbone of Iran’s energy economy.

Executive arms on land and at sea

This technical power is the result of an extensive network of subsidiaries. The National Southern Oilfields Company is the largest subsidiary, supplying about 85 percent of the country’s oil; where the Karun exploitation companies, as the largest producer, form the heart of Iran’s oil production, along with Maroon, Masjed Soleiman, Aghajari and Gachsaran.