International Oil Consortium

International Oil Consortium

 

an association of several petroleum monopolies (of the USA, Great Britain, France, and other countries).

The International Oil Consortium was founded in 1954 to exploit Iranian oil and to replace the Anglo-Iranian Oil Company (created in 1909), whose enterprises were nationalized by Iran in 1951. The consortium’s share in mid-1973 came to more than 90 percent of Iran’s oil production. Monopolies in the USA and Great Britain played a leading role in the consortium (40 percent of the consortium’s shares belonged to American companies and the British Petroleum Company). In mid-1973 an agreement was concluded between Iran and the consortium that obligated the consortium to hand over all its oil fields and refineries to the National Iranian Oil Company (created in 1951). The agreement also stipulated that Iranian oil would be sold over a period of 20 years to the companies of the consortium in proportion to their participation in it; under the conditions of the agreement the companies preserved the opportunity to control the production and export of the oil and other operations associated with the petroleum industry in the region in which the consortium had been active.

M. S. IVANOV

References in periodicals archive ?
Found off Bahrain's west coast, if it is verified by an international oil consortium as being technically and economically recoverable it could be a boon for the nation's economy.
IF VERIFIED BY AN INTERNATIONAL OIL CONSORTIUM AS BEING TECHNICALLY AND ECONOMICALLY RECOVERABLE--COULD STIMULATE PRIVATE INVESTMENT IN THE COUNTRY'S ENERGY SECTOR IN THE NEAR TERM.
The discovery of hydrocarbon deposits containing at least 80 billion barrels of tight oil and 10-20 trillion cubic feet of deep natural gas in a new offshore field off the west coast of Bahrain - if verified by an international oil consortium as being technically and economically recoverable - could stimulate private investment in the country's energy sector in the near term.
The find, if verified by an international oil consortium as being technically and economically recoverable, could stimulate private investment in the country's energy sector in the near term, and in the medium term could increase government oil- and gas-related revenue and reduce the country's fiscal and current account deficit, according to Moody's.
Areas in dispute with Azerbaijan consist of Serdar, an oilfield on the Caspian maritime boundaries known in Baku as Kyapaz, and the Azeri and Chiraq oilfields which have been developed by the BP-led Azerbaijan International Oil Consortium (see survey of Azerbaijan in Nos.
LUKoil Leads In External E&P Investment: LUKoil was the first among the Russian oil companies to invest in E&P outside the country after the collapse of the USSR as it joined the Azerbaijan International Oil Consortium (AIOC).
On the securing of stable outlets for the export of oil and gas to Western markets, after many years of geo-political manoeuvring among the big powers, the partners in Azerbaijan International Oil Consortium and the Shah Deniz consortium - both led by BP - have got their pipeline projects off the ground.
Dr Terry Adams Education 1949-1956 Neath Grammar School 1956-1963 University College of Wales Aberystwyth 1960 BSc (Hons) Geology 1963 PhD Micropalaeontology Professional Career 1963-1969 Shell International Petroleum Research Stratigrapher Shell Research Laboratories, The Hague Holland Petroleum Geologist, International Oil Consortium Iran 1969-1998 British Petroleum.
The Caspian reserves were discovered in July 2000 by an international oil consortium, involving a Japanese government-funded oil exploration firm.
The meeting was also a setback for the pipeline because the debate caused a split in the ranks of the Azerbaijan International Oil Consortium (ATOC) producing Caspian oil and exacerbated the perceived reserves and throughput volume uncertainty.
The U.S., Turkish, and Azerbaijani governments support the MEP route, but the Azerbaijani International Oil Consortium (AIOC), which includes British Petroleum/Amoco, is resisting the plan.
Oil exports will increase substantially as oil begins flowing from two major joint ventures currently underway in the Caspian region: the Azerbaijan International Oil Consortium (AIOC) in Azerbaijan and the Tengizchevroil project in Kazakhstan.

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