iran central oil fields company

What iran central oil fields company does

Iranian Central Oil Fields Company (ICOFC) is a wholly state-owned upstream oil and gas producer established in 1999 as one of five major production subsidiaries of the National Iranian Oil Company (NIOC), the Government of Iran's oil monopoly. Headquartered in Tehran, ICOFC operates through three regional production subsidiaries — South Zagros Oil and Gas Production Company (SZOGPC) in Shiraz, East Oil and Gas Production Company (EOGPC) in Mashhad, and West Oil and Gas Production Company (WOGPC) in Kermanshah — collectively managing more than 85 oil and gas fields across 14 Iranian provinces, 600+ producing wells, 23 production and separation units, and over 5,000 kilometers of flow pipelines in challenging terrain.

The company's technical footprint spans gas production (242 mcm/d under normal plans), oil and condensate production, the only strategic underground gas storage operations in Iran at the Sarajeh and Shourijeh fields, the country's first mini-LNG flare-gas recovery facility at Cheshmeh-Khosh, and a domestically developed 10-inch smart pig pipeline inspection system. ICOFC is currently executing a $4 billion field development program across twelve gas fields plus the Farashband refinery second phase, targeting an additional 130 mcm/d of output by 2026, alongside a cooperation agreement with the National Iranian Drilling Company (NIDC) for approximately 100 new wells.

Revenue mechanics are not market-driven in the conventional sense: as a state-assigned producer, ICOFC's output is delivered into NIOC's national pipeline and refinery infrastructure (gas to the National Iranian Gas Company; condensate and oil to refineries in Shiraz, Bandar Abbas, Parsian, and Fajr Jam, with some oil exported via Bandar Taheri). The company supplies roughly one-third to one-half of Iran's domestic gas demand depending on source, with power generation, residential, and industrial consumers effectively downstream of its production through the national grid. ICOFC's commercial model is a centralized directive from government planning rather than direct customer-facing sales, with pricing set by state policy.

Name

iran central oil fields company

Legal name

Iranian Central Oil Fields Company

Website

https://en.icofc.ir

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

1–10 employees

Short description

ICOFC, established in 1999, is a state-owned subsidiary of Iran's NIOC and the country's second-largest gas producer, managing 85+ oil and gas fields across 14 provinces and supplying nearly half of national gas demand through three regional subsidiaries.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Production

NAICS

Pipeline Transportation of Crude Oil (4861), Natural Gas Distribution (2212), Pipeline Transportation of Crude Oil (48611)

SIC

Crude Petroleum & Natural Gas (1311), Pipe Lines (No Natural Gas) (4610), Natural Gas Transmission (4922)

akta.pro primary industry

Associated Gas Production (Oil-Linked) (EUAAAAAB)

akta.pro secondary industries

Crude Oil Field Gathering Systems (TLAGAJAA), Crude Oil Pump Stations & Mainline Facilities Operations (TLAGAAAH)

Keywords

• Upstream oil and gas
• Natural gas production
• Oil field development
• Gas storage operations
• Hydrocarbon processing

Headquarters

HQ city

Tehran

HQ country

Iran

HQ region

Middle East

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Natural Gas Production and Sales: ICOFC produces natural gas from 45 gas fields and 31 oil fields across 14 provinces. The company supplies nearly half of Iran's domestic gas demand through national pipeline infrastructure. Gas output is transferred to National Iranian Gas Company refineries and major part to gas pressure stations for domestic consumption.
2. Oil and Condensate Production: Production of crude oil and condensate from multiple oil fields. Condensate is sent to Shiraz, Bandar Abbas, Parsian and Fajr Jam refineries, with some exported through Bandar Taheri.
3. Gas Storage Services: Strategic gas storage services utilizing Sarajeh and Shourijeh fields to balance seasonal demand, storing gas during eight months of year for consumption during winter peak period.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Iran Central Oil Fields Company produces, processes, and transports crude oil and natural gas from more than 85 onshore oil and gas fields located across 14 provinces in Iran. The company is also the sole operator of Iran's underground gas storage facilities and runs the Parsian Gas Refinery and NGL 3100 plant, supplying nearly half of national gas demand through its three regional subsidiaries (SZOGPC, EOGPC, WOGPC).

Product overview

Iranian Central Oil Fields Company (ICOFC) is one of five major oil and gas production companies under NIOC and Iran's second-largest gas producer. Established in 1999, ICOFC operates a platform-plus-subsidiaries model consisting of the Tehran headquarters managing policy and macro strategy, and three operational subsidiaries: South Zagros Oil and Gas Production Company (SZOGPC in Shiraz), East Oil and Gas Production Company (EOGPC in Mashhad), and West Oil and Gas Production Company (WOGPC in Kermanshah). The company manages more than 85 oil and gas fields across 14 provinces, providing core oil and gas production operations, underground gas storage services (the only such company in Iran), flare gas recovery, and field development services. ICOFC currently supplies almost half of the country's gas demand and is implementing a $4 billion field development program to add 130 mcm/d of gas output by 2026.

Differentiator

Problem solved

Functional benefit

Products and services

• Crude Oil and Natural Gas Production Upstream extraction of crude oil and natural gas from onshore fields across 14 Iranian provinces, processed and delivered to NIOC, NIGC, and refineries.
• Underground Gas Storage Services Sole Iranian operator of strategic underground gas storage facilities, providing seasonal storage and supply balancing for the national gas network.
• Southern Oil and Gas Production Company (SZOGPC) Regional subsidiary headquartered in Shiraz that manages upstream oil and gas field operations across southern Iran under ICOFC.
• Eastern Oil and Gas Production Company (EOGPC) Regional subsidiary headquartered in Mashhad that manages upstream oil and gas field operations across eastern Iran under ICOFC.
• Western Oil and Gas Production Company (WOGPC) Regional subsidiary headquartered in Kermanshah that manages upstream oil and gas field operations across western Iran under ICOFC.
• Parsian Gas Refinery Gas processing facility that refines and conditions natural gas produced from ICOFC fields for delivery to domestic distribution and refineries.
• NGL 3100 (Natural Gas Liquids Extraction) Natural gas liquids extraction facility operated by ICOFC to recover ethane and heavier NGLs from produced gas for domestic refining and petrochemical supply.

Quantifiable outcome

• 242 mcm/d gas production under normal conditions
• +5 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core, major and flagship.

• National Iranian Drilling Company (NIDC)coreStrategic or Co-development Partner · 5 November 2022ICOFC signed a cooperation agreement with NIDC for drilling new gas wells to increase gas production. The agreement covers drilling and overhauling onshore gas fields. NIDC is tasked with drilling approximately 100 wells for ICOFC, with the company expected to equip its fleet to accomplish these projects.
• Oil Turbocompressor Company (OTC)coreTechnology or IntegrationOTC has been assigned to launch gas compressor stations for Nar and Kangan aging gas fields. At Nar field, turbocompressor rearrangement is planned, while Kangan requires a full compressor station.
• Russian and Chinese CompaniesmajorStrategic or Co-development PartnerICOFC is engaged with Russian and Chinese companies for gas field development projects. MOUs have been signed with these partners for development of fields including Farashband refinery, Eram and Pazanan fields, and Khartang, Gordan and Pazanan fields. Foreign partners are being engaged for EPCF-based development with $4 billion investment.
• Petroleum Engineering and Development Company (PEDEC)coreImplementation/ SI/ Consulting PartnerPEDEC developed the Azar oil field (jointly owned by Iran and Iraq), which is being assigned to ICOFC for production steering. The Azar field is estimated to produce 65 tb/d of oil in its initial Master Development Plan.
• Iranian Knowledge-Based CompaniescoreStrategic or Co-development PartnerICOFC actively partners with Iranian knowledge-based companies for first-time manufacturing including smart pigs for pipeline inspection, temporary well plugs, and production of commodities for wellhead and downhole pumps. The company screens abandoned wells for revitalization using domestic innovation capabilities.
• National Iranian Oil Company (NIOC)flagshipOthersICOFC operates as one of five major oil and gas production companies under NIOC. The parent company assigns production mandates, development plans, and investment allocations to ICOFC for central Iran's oil and gas fields.

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Gazprom: Russian state-controlled gas giant and world's largest gas producer. Comparable as a state-owned natural gas monopoly with parallel infrastructure (pipelines, underground storage, gas processing) and similar exposure to sanctions-driven counterparty risk on the equipment side.
• QatarEnergy: State-owned national oil and gas company of Qatar operating the North Field/South Pars extension. Comparable as a state-controlled upstream gas major with field-development partnerships, LNG-related flare monetization, and significant capital expansion programs.
• Sonatrach: Algerian state-owned oil and gas company operating upstream production, pipelines, and gas storage. Comparable as an integrated state NOC with parallel role in domestic gas supply and field development investment programs.
• Abu Dhabi National Oil Company (ADNOC): UAE state-owned integrated oil and gas major. Comparable as a national oil company pursuing aggressive capacity expansion, gas storage, and flare-reduction initiatives with significant capex programs targeting downstream and gas growth.
• Petróleos Mexicanos (Pemex): Mexican state-owned integrated oil and gas company. Comparable as a fully state-controlled NOC grappling with mature field decline, infrastructure capex pressure, and political constraints on commercial flexibility—parallel structural challenges to ICOFC.
• National Iranian Gas Company (NIGC): NIOC subsidiary that receives the majority of ICOFC's gas output and operates Iran's national gas transmission and distribution network. Comparable as the downstream/state counterpart in Iran's gas value chain, with overlapping infrastructure and storage responsibilities.
• Saudi Aramco: State-owned national oil and gas major operating the world's largest conventional oil reserves. Comparable as a fully state-controlled integrated upstream producer whose strategic mandate, capital intensity, and gas-flaring-reduction efforts parallel ICOFC's role in Iran.

Direct peers

• National Iranian South Oil Company (NISOC): Sister NIOC subsidiary and one of the five major Iranian oil and gas production companies. Directly comparable as a state-owned upstream operator producing oil and gas from onshore Iranian fields for the same domestic market and parent mandate.
• Pars Oil and Gas Company (POGC): Another NIOC subsidiary responsible for developing South Pars, the world's largest gas field. Closest functional peer given identical NIOC governance, similar upstream gas focus, and shared pipeline and gas processing infrastructure in Iran.
• National Iranian Drilling Company (NIDC): State-owned drilling contractor under NIOC and active partner of ICOFC (signed MOU to drill ~100 new wells). Directly comparable as a NIOC-affiliated upstream service provider supporting the same field development pipeline.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/iran-central-oil-fields-company

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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