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The Iraq Petroleum Company (IPC), formerly known as the Turkish Petroleum Company (TPC), is an oil company that had a virtual monopoly on all oil exploration and production in Iraq between 1925 and 1961.
In 1961 Iraq passed Public Law 80 whereby Iraq expropriated 95% of the Iraq Petroleum Company's concessions, and went on to announce the intent to form the INOC in 1964. [2] In 1967 Iraq and the Soviet Union signed the Iraq-Soviet Protocol which committed the Soviet Union to give technical and financial aid to the company. [2]
After seizing control of the Iraqi government, Qasim demanded better terms from IPC but decided against nationalization of Iraq's petroleum assets. [2] In 1961 Iraq passed Public Law 80 whereby Iraq expropriated 95% of IPC's concessions and the Iraq National Oil Company was created and empowered to develop the assets seized from IPC under Law ...
The Rumaila oil field is a super-giant oil field [1] located in southern Iraq, approximately 50km to the south west of Basra City. [2] Discovered in 1953 by the Basrah Petroleum Company (BPC), an associate company of the Iraq Petroleum Company (IPC), [3] [4] [5] the field is estimated to contain 17 billion barrels, which accounts for 12% of Iraq's oil reserves, estimated at 143 billion barrels.
Later in the century, Iraq was one of the five founding members of the Organization of Petroleum Exporting Countries and began nationalising its oil fields in 1961. [7] After the nationalisation of its oil, Iraq created the Iraq National Oil Company. [5] In 1976, after the nationalisation of its oil industry, Iraq established a Ministry of Oil ...
Nationalization of the Iraq Petroleum Company (IPC) in 1972 after years of rancor, together with restrictions on oil liftings by all but one of the IPC's former partners, put Iraq at the forefront of direct marketing. [13] Iraq's oil production suffered major damage in the aftermath of the Gulf War.
KBR receives an engineering support, procurement and construction management services contract from Basra Oil Company in Iraq.
Iraq Petroleum Company (1 C, 2 P) Pages in category "Oil and gas companies of Iraq" The following 11 pages are in this category, out of 11 total.
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