Entity

NIOC (Persian: شرکت ملّی نفت ایران — Sherkat-e Melli-ye Naft-e Iran) is Iran's fully state-owned national oil and gas company, the world's second largest oil company by reserves after Saudi Aramco, and the backbone of Iran's entire hydrocarbon industry.

History

NIOC was formed in 1951 as a result of Iran's nationalization of the British-owned Anglo-Iranian Oil Company (AIOC) — later renamed British Petroleum — under Prime Minister Mohammad Mosaddegh. This made NIOC the second major national oil company to be nationalized in the world, after Mexico's Pemex. Following the 1953 coup and the Consortium Agreement of 1954, NIOC was restructured as the formal owner of all Iranian oil and facilities, while the international consortium managed operations on NIOC's behalf. After the 1979 Islamic Revolution, NIOC came under full state control under the Ministry of Petroleum and has operated in that capacity since.

Scale & Resources

NIOC holds the world's second largest proven oil reserves and the world's second largest proven natural gas reserves. Key production metrics include:

• Crude oil production: approximately 3.8 million b/d (pre-sanctions capacity)
• Natural gas: Iran holds ~17% of global proven gas reserves
• ~80% of Iran's total export revenues derive from oil and gas​
• NIOC provides nearly 50% of the Iranian government's revenues​

Corporate Structure & Key Subsidiaries

NIOC oversees the full Iranian oil and gas supply chain through a broad network of subsidiaries:

Upstream / Production

• NISOC — National Iranian South Oil Company: produces ~83% of Iran's crude oil (~3 million b/d); headquartered in Ahvaz​
• KOGPC — Karoun Oil and Gas Production Company: operates 538 wells in Khuzestan​
• PEDEC — Petroleum Engineering and Development Company: manages all buy-back development projects​
• Khazar Oil Exploration and Production Company: Caspian Sea operations​
• Multiple regional oil and gas production companies (Gachsaran, Aghajari, Marun, Masjed Soleyman)​

Downstream / Refining

• NIORDC — National Iranian Oil Refining and Distribution Company: oversees all 9 Iranian refineries including TORC, AORC, BORC, EORC, IKORC and others​

Gas

• NIGC — National Iranian Gas Company: manages gas transmission, distribution, and exports​

Other

• NIOC International Affairs Company: manages international upstream partnerships
• Iran Drilling Services Company
• Oil Transportation Services and Logistics Company (OTSLC)​

Sanctions Status

NIOC has been subject to US sanctions since November 2012, listed on the US Treasury OFAC Specially Designated Nationals (SDN) list for providing substantial financial resources to the Government of Iran and support to the Islamic Revolutionary Guard Corps (IRGC). The company is also subject to EU and UN sanctions. The March 2026 conflict has intensified enforcement pressure and effectively eliminated any remaining non-sanctioned trade channels.