Tehran, May 5, IRNA – National Iranian Oil Company (NIOC) is the third largest oil and gas company in the world, reports said.
Remarkably the NIOC remains a major oil and gas producer despite international sanctions targeting Iran’s oil revenues, China Daily said in a report released on Tuesday.
Since 1951, NIOC has been directing and making policies for exploration, drilling, production, research and development, refining, distribution and export of oil, gas and petroleum products.
NIOC, with a vast amount of oil and gas resources, is one of the world’s largest oil companies. At the present time, it is estimated that the company holds 156.53 billion barrels of liquid hydrocarbons and 33.79 trillion cubic meters of natural gas. The company has an average daily crude production of 6.4 million barrels per day.
China Daily report introduced Saudi Aramco Company with production of 12.7 bpd as the biggest oil and gas company in the world.
Gazprom as the second largest and National Iranian Oil Company as the third one produce 8.1 million and 6.1 million bpd equivalent respectively.
US’s ExxonMobil, Russia’s Rosneft, Royal Dutch Shell, China National Petroleum Corp (CNPZ), Mexico’s Pemex, US’s Chevron and Kuwait Petroleum Corp are other major oil producers in the world respectively.