Iraq Petroleum Company

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. It is jointly owned by some of the world's largest oil companies and headquartered in London, England. However, today it is only a paper entity with historical rights and plays no part in the modern development of Middle Eastern oil.

Iraq Petroleum Company
Native name
شركة نفط العراق
Türkiye Petrol Şirketi
Company typeConsortium
IndustryOil exploration and production
PredecessorTurkish Petroleum Company
Founded1929 (1929)
Founders
FateNationalised in 1972a
SuccessorIraq National Oil Company
Headquarters
London
,
United Kingdom
Areas served
  • Iraq
  • Middle Eastb
Owners
Footnotes / references
  • a Although nominally still extant on paper.
  • b Via associate companies.

In June 1972, the Ba'athist government in Iraq nationalized the IPC, and its operations were taken over by the Iraq National Oil Company. The company "Iraq Petroleum Company" still remains extant, although only in paper form. One associated company – the Abu Dhabi Petroleum Company (ADPC, formerly Petroleum Development (Trucial Coast) Ltd) – also continues with its original shareholding intact.

The related Iraq Petroleum Group was an association of companies that played a major role in the discovery and development of oil resources in areas of the Middle East outside Iraq.

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