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Article Excerpt
Commercial oil in Iran was first discovered in 1908 at Masjid-i-Suleiman by D'Arcy Exploration. Exploration began in 1901 when W.K. D'Arcy got a 60-year concession over the whole country. D'Arcy, a British concessionaire, in 1908 became known as Anglo-Persian Oil Co. in partnership with Burmah Oil Co. In 1935 it became known as Anglo-Iranian Oil Co. (AIOC) - which later became British Petroleum (BP) - and eventually was to head a Western consortium as owner of the concession.
The oil industry was nationalised in May 1951. The AIOC-led group became known as "Iranian Consortium". The state set up National Iranian Oil Co (NIOC) in 1951 to take over the nationalised upstream and downstream assets, with the consortium to become a "service contractor" undertaking E&P operations for NIOC's account against a service fee. There were to be no more concession agreements in Iran.
On Oct. 29, 1954, an accord was signed which confirmed the role of the consortium as service contractor and authorised the group to operate in a 250,000 sq km area in south-western Iran for a period of 25 years. By then, the consortium had been enlarged from eight to 14 companies and named Iranian Oil Participants Ltd (IOP). It was owned as follows: 40% BP, 14% Shell, 7% Exxon, 7% Gulf...
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More articles from APS Review Gas Market Trends
IRAN - The Buy-Back Approach., March 31, 2003
IRAN - New Exploration Round., March 31, 2003
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