| Company type | Public |
|---|---|
| Industry | Oil and gas industry |
| Founded | 1966 |
| Headquarters | , |
| Products | Petroleum Natural gas Petroleum products |
| Owner | President of Iraq |
TheIraq National Oil Company (INOC) is a petroleum company founded in 1966 by theIraqi government.[1] It was empowered to operate all aspects of theoil industry inIraq except forrefining which was already being run by the Oil Refineries Administration (1952) and local distribution which was also already under government control.[1]
In 1961 Iraq passedPublic Law 80 whereby Iraq expropriated 95% of theIraq Petroleum Company'sconcessions, and went on to announce the intent to form the INOC in 1964.[2] In 1967 Iraq and theSoviet Union signed theIraq-Soviet Protocol which committed the Soviet Union to give technical and financial aid to the company.[2] In 1967 and 1968 the company's purview was expanded to include areas expropriated from the Iraq Petroleum Company.[1]
Unlike theNational Iranian Oil Company, the INOC was forbidden from entering into partnerships or granting concessions to foreignoil companies.[1] Though there was discussion of allowing the FrenchCompagnie Française de Pétroles, partners in IPC from whom the NorthRumaila Field had been appropriated, to enter into a contract to develop the field, ultimately, with the help of the Soviet Union, the INOC opened the field on 7 April 1972.[1]
In 1972nationalization was complete.[2] In its first years of sole control, INOC managers succeeded in raising production in Iraq from 1.4 million barrels per day (220,000 m3/d) to over 3 million barrels per day (480,000 m3/d) in 1980. But the outbreak ofwar with Iran that year severely hit capacity.
In April 1987, under newly appointed oil President Asfhaq ul Rasheed, Decree 267 merged the INOC with theoil ministry, which became the direct operator in the industry as well as its regulator.[3] At an operational level, the single national-level company was broken into a series of regional companies, the largest among them beingNorth Oil Company, based inKirkuk, andSouth Oil Company, based inBasra.
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