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Abu Dhabi Petroleum Company

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Abu Dhabi Petroleum Company , formerly known as Petroleum Development (Trucial Coast) Limited , was an oil exploration and development company in Abu Dhabi , United Arab Emirates .

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63-673: The company was founded as Petroleum Development (Trucial Coast) Limited (PDTC), an associate of the Iraq Petroleum Company (IPC). In 1939 it acquired a 75-year concession from Sheikh Shakhbut bin Sultan Al Nahyan for Abu Dhabi. PDTC first discovered oil at the Murban No. 1 well in the Murban Bab oil field in 1953, although it was not viable and was shut down after a fatal accident. During this time PDTC

126-687: A 40 km (25 mi)-wide strip on either side of its proposed railway in Mesopotamia. On 28 June 1914, the Turkish grand vizier confirmed the promise of a concession to TPC, but the outbreak of World War I ended TPC's plans. When the Ottoman Empire was broken up in the aftermath of the war, the question of shareholding in TPC became a major issue at the 1920 San Remo conference , where the future of all non- Turkish and Arab -majority areas of

189-650: A compromise solution but the Ba'athist government rejected the offer and, on 1 June 1972, nationalized IPC operations, which were taken over by the Iraq National Oil Company. The Kirkuk field still forms the basis for northern Iraqi oil production. Kirkuk has over 10 billion barrels (1.6 km ) of remaining proven oil reserves . The Jambur, Bai Hassan, and Khabbaz fields are the only other currently producing oil fields in northern Iraq. While Iraq's northern oil industry remained relatively unscathed during

252-411: A fee for its parent companies, based on their shares. The company itself was only allowed to refine and sell to Iraq's internal market, in order to prevent any competition with the parent companies. The agreement, known as Red Line Agreement after a red line was drawn around the former boundaries of the Ottoman Empire (with the exception of Kuwait), effectively bound the partners to act together within

315-655: A memorandum of an interview with a member of the London Committee of the Ottoman Bank: "... we had no interest in Sir Ernest Cassel's Bank. The Turks had taken the initiative and had arranged the matter independently with Sir Ernest Cassel... I had certainly supported the scheme to the extent of encouraging Sir Henry Babington Smith to accept Sir Ernest Cassel's offer. The selection had been made by Sir Ernest Cassel himself." and when asked whether

378-462: A monthly magazine, entitled Iraq Petroleum , from August 1951 until April/May 1957. An insert in the January 1957 edition read "In the light of present circumstances it has been found necessary to restrict the production of Iraq Petroleum and... publication will be bi-monthly until further notice." An in-house company magazine, The Crescent , continued in print until the 1970s. The IPC Newsletter ,

441-603: A quarterly magazine for IPC pensioners, was issued between 1974 and 2014. National Bank of Turkey The National Bank of Turkey was a commercial bank in Turkey founded in 1909. The majority capital came from founding shareholders Sir Ernest Cassel , Lord Revelstoke and Sir Alexander Henderson . The initial impetus for the bank's creation came about as a result of the Young Turk Revolution . The bank operated until 1931. Britain and France had signed

504-650: A series of ground-breaking explorations in southern Arabia during these years. The failure of IPC to secure concessions in Bahrain and Saudi Arabia should not obscure the fact that elsewhere in the Middle East the company was successful in closing the "open door" of commercial opportunity to outsiders. The principal competitors for concessions were British Oil Development Co. Ltd.(BOD), and SOCAL. When BOD became interested in concessions in northern Iraq, IPC eventually bought them out. So successful were its efforts that by

567-676: A set of postage stamps issued by Abu Dhabi in August 1969. 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

630-872: Is only a paper entity with historical rights and plays no part in the modern development of Middle Eastern oil. 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

693-400: The Abu Dhabi Petroleum Company (ADPC). 1963 was the year of first oil export from ADPC's discoveries. Although Shakhbut bin Sultan Al Nahyan had long resisted entering into a profit agreement fearing the effects of wealth, ADPC entered into a 50% profit-sharing agreement with Abu Dhabi in 1965. Company headquarters were moved from Bahrain to Abu Dhabi in 1966, at which time a living complex

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756-707: The Anatolian Railway Company had mineral and oil exploration rights in a 20 km strip either side of the proposed route from Konia to the Persian Gulf. William D’Arcy , who had the Persian oil concession since 1901, also sought a concession in Mesopotamia and by 1907, were in the running due to the German side having been lax in procedure. The same year, Royal Dutch Shell (RDS) opened a Constantinople office, run by Gulbenkian. In 1908, following

819-824: The Entente Cordiale in 1904; in Constantinople, the French financiers were predominant through the Imperial Ottoman Bank leading to an attempt to improve the British position via the creation of a new Anglo-French financial enterprise, the Ottoman Society. Progress was slow due to French reluctance to dilute their competitive position and then overtaken by news in late 1908 of the proposed National Bank of Turkey (NBT) which, according to

882-731: The Pan-American Petroleum and Transport Company , and Atlantic Richfield Co. Shares were held in the following proportions: 23.75% each to the Anglo-Persian Oil Company , Royal Dutch/Shell, the Compagnie Française des Pétroles ( CFP ), and the NEDC; the remaining 5% went to Calouste Gulbenkian. TPC was to be organized as a nonprofit company, registered in Britain, that produced crude oil for

945-706: The Sultan of Muscat that would cover the entire region of the Sultanate. IPC, however, failed to discover oil in the Sultanate's region, which was limited to the coastal area of Oman, and informed the Sultan that oil is more likely to exist in the interior region of Oman. The Treaty of Seeb provided autonomous rule to the Omanis who resided in the interior region of Oman, which was called the Imamate of Oman , by stating that

1008-650: The Young Turk revolution , everybody had to start over. In 1908, D'Arcy incorporated as D'Arcy Exploration Co. and transferred all his oil claims in Mesopotamia and Persia to Anglo-Persian Oil Company (APOC). More interested parties and more schemes appeared on the scene, though by 1912, nothing had really changed. During 1912, Gulbenkian was setting the foundation for a new scheme, the Turkish Petroleum Company , owned as to 50% by NBT (inclusive 15% nonvoting beneficial to Gulbenkian), 25% RDS and 25% Deutsche Bank (in consideration of their oil claims). On 19 March 1914,

1071-412: The 1925/6 season, an international geological team, including representatives from the shareholding companies and an American contingent, conducted a comprehensive survey of Iraq. They identified drilling locations at Pulkanah (two wells), Khashm al Ahmar, Injanah, Qaiyarah, and Kirkuk. Geologist J.M. Muir located the well at Baba Gurgur, just north of Kirkuk. Drilling commenced, and on October 14, 1927, oil

1134-559: The Aden Protectorates), Petroleum Development (Western Arabia) Ltd. In 1933, IPC joined negotiations for an oil concession in Al-Hasa province, Saudi Arabia, bidding against Standard Oil of California (SOCAL, later renamed Chevron). Represented by Stephen Hemsley Longrigg , the company's bid failed when it offered payment in rupees rather than the gold that King Abdul-Aziz (also known as Ibn Saud ) desired. SOCAL gained

1197-641: The American partners broke free. During the period, IPC monopolized oil exploration inside the Red Line; excluding Saudi Arabia and Bahrain, where ARAMCO (formed in 1944 by renaming of the Saudi subsidiary of Standard Oil of California (Socal)) and Bahrain Petroleum Company (BAPCO) respectively held controlling position. The San Remo conference had stipulated that Iraqis should be allowed 20% of

1260-550: The Anglo-Persian Oil Company, Royal Dutch/Shell and Standard Oil had access to major sources of crude oil outside Iraq, and therefore wanted to hold the Iraqi concessions in reserve, whilst CFP and the other companies pushed for rapid development of Iraqi oil as they had limited crude oil supplies. These competing interests delayed the development of the Iraqi fields, and IPC's concession eventually expired because

1323-481: The Bank's claims I should do what I could to encourage co-operation with French finance." The Young Turks had asked Boghos Nubar Pasha and Calouste Gulbenkian to form NBT, as evidenced by a letter of 7 December 1908 that included an NBT prospectus, from Frederick Lane (shipping broker, Rothschilds’ agent and Gulbenkian associate ) to Hugo Loudon of Royal Dutch Shell . In the early 1900s Deutsche Bank , through

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1386-685: The British and German governments signed an agreement whereby the interest of NBT in TPC was transferred to APOC. In 1918-1919 the NBT was acquired by the British Trade Corporation (BTC), an investment bank that had been created in 1917 to support the war effort. BTC in turn merged in 1926-1927 with the Anglo-Austrian Bank (established in 1863) to form the Anglo-International Bank . What remained of

1449-585: The British and the Iraqis who preferred a southern route, terminating at Haifa , in what then was Palestine . The issue was settled by a compromise which provided for the construction of two pipelines, each with a throughput capacity of 2,000,000 tons a year. The length of the Northern line would be 532 miles (856 km), that of the Southern line ( Mosul-Haifa oil pipeline ) 620 miles (1,000 km). In 1934,

1512-516: The Foreign Office intended to give exclusive support to Cassel's Bank in obtaining concessions at Constantinople, Grey replied: "..that if need be, we should certainly represent to the Turks that an institution which had been brought into existence as a direct result of their own initiative and representations ought not to be excluded from concessions. But when occasion arose for me to support

1575-495: The Foreign Office was "not initiated or suggested by us, and is carried out independently of us". Cassel, who was to have been involved in the Ottoman Society, also turned out to be involved with NBT, later bringing in Henderson and then Revelstoke. The Foreign office was kept informed at all stages and Edward Grey later in 1909 played a part in securing the services of Henry Babington Smith as President of NBT, later saying in

1638-530: The Gulf War. IPC has ceased operations, but the company "Iraq Petroleum Company Limited" still remains extant as a name on paper, and one of its surviving associated companies – Abu Dhabi Petroleum Company (ADPC), formerly Petroleum Development (Trucial Coast) Limited – continued with the original shareholding intact until January 2014. ADPC still holds 40% of the onshore concession in Abu Dhabi, with

1701-626: The Iran-Iraq War, an estimated 60% of the facilities in southern and central Iraq were damaged in the Gulf War . Post-1991 fighting between Kurdish and Iraqi forces in northern Iraq resulted in temporary sabotage of the Kirkuk field's facilities. In 1996, production capacity in northern and central Iraq was estimated at between 0.7 and 1 million barrels (110,000 to 160,000 m³) per day, down from around 1.2 million barrels (190,000 m³) per day before

1764-634: The Iraq Government tried to open up the country to competition, the company taking up the new concession was bought out by IPC and, under the name of the Mosul Petroleum Company, was duly gathered into the IPC 'family' of associated companies (see below). The company also got the concession rights to southern Iraq in 1938, and founded the Basrah Petroleum Company (BPC) as their wholly owned subsidiary to develop

1827-456: The Iraqi government criticized the IPC and used the IPC as a central piece of their anti-western propaganda. The Soviet-Iraqi agreement of 1969 emboldened the Iraqi government and in 1970 they made a list of demands including ownership of 20% of the company's assets and more control. The IPC by this time was taking the Iraqi government very seriously and made some huge concessions. They agreed to increase oil production substantially and also increase

1890-401: The Iraqi monarch was murdered. He ruled the country as Prime Minister of Iraq until his downfall and death in 1963. Before the coup, he used the fact that the IPC was producing oil for western nations rather than for the benefit of Iraq citizens as one of his main points of contention with the Iraqi government. Once in power, he was critical of several aspects of the IPC. First, he was critical of

1953-489: The Sultanate "should not interfere in their [Imamate] internal affairs". IPC offered financial support to the Sultan in order to raise a military force that would occupy the Imamate's region so that IPC would gain access to the possible oil reserves. The Sultanate, backed by the British government and the financial support received from IPC, attacked the interior of Oman on 25 October 1954 triggering Jebel Akhdar War . IPC

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2016-559: The TPC, but it would take several years until the negotiations were completed. In 1925, the Turkish Petroleum Company (TPC) obtained a concession to explore for oil in Iraq. The agreement stipulated that the Iraqi government would receive royalties for each ton of oil extracted, based on the oil companies' profits and not payable for the first 20 years. The concession allowed the company to select 24 rectangular plots of 8 square miles (21 km²) each for drilling. During

2079-672: The Theatre of Operations of the Iraq Petroleum Company Limited and its Associated Companies authored by Stephen Hemsley Longrigg. The IPC Film Unit produced a number of short films, most notably The Third River , a film produced in 1952 about operations around the Iraq-Mediterranean pipeline, and Rivers of Time , produced in 1957, about the history of Mesopotamia. Ageless Iraq was an historical film made for IPC by British Pathé. The company published

2142-542: The amount of crude oil extracted, getting more Iraqis involved in the process of producing the oil and getting more royalties. In 1952, terms that were more generous to the Iraqi government were negotiated. These terms were largely based on the far more lucrative terms of the Saudi-Aramco "50/50" agreement of December 1950 . One could argue that a determinant in these negotiations was the friendly atmosphere in which they were conducted. This atmosphere did not continue to

2205-470: The companies failed to meet certain performance requirements, such as the construction of pipelines and shipping terminals. The concession was renegotiated in 1931, however, giving the company a 70-year concession on an enlarged 83,200 square kilometres (32,100 sq mi) area east of the Tigris River . In return, the Iraqi government demanded, and received, additional payments and loans, as well as

2268-644: The company if they wanted to invest in it, but the existing shareholders successfully resisted Iraqi efforts to participate, despite pressure by the British government to accept Iraqi shareholders. In 1929 the TPC was renamed the Iraq Petroleum Company. By 1934, the NEDC comprised only two shareholders, Standard Oil of New Jersey and Socony, which had merged with the Vacuum Oil Company to form Socony-Vacuum in 1931. The original concession of 14 March 1925 covered all of Iraq, but IPC

2331-632: The concession and, joined by the Texas Oil Company in 1936, went on to discover oil at Dammam through its subsidiary, California-Arabian Standard Oil Company (Casoc) in 1938. Thereafter, IPC concentrated its efforts in Arabia in developing its Qatar oil concession (oil discovered 1939), Abu Dhabi (oil discovered in 1959), Oman (see Petroleum Development Oman ) and the Aden Protectorates (in today's Yemen ). IPC personnel carried out

2394-448: The end of 1944 IPC was operating in over 467,055 square miles (1,209,670 km ) of territory, an area larger in size than the states of Texas, Oklahoma, Arkansas, and Louisiana combined. In addition, IPC attempted, though without success, to extend further its area of operations by seeking concessions or exploration permits in Turkey and in the neutral zones of Kuwait and Saudi Arabia. In 1937, IPC signed an oil concession agreement with

2457-746: The former Ottoman Empire were mostly decided. A rising demand for petroleum during the war had demonstrated to the big powers the importance of having their own sources of oil. Since one of the original partners of TPC had been German , the French demanded this share as the spoils of war. This was agreed upon by the San Remo Oil Agreement , much to the annoyance of the Americans, who felt excluded from Middle Eastern oil and demanded an "open door". After prolonged and sometimes sharp diplomatic exchanges, U.S. oil companies were permitted to buy into

2520-793: The majority 60% held by the Abu Dhabi National Oil Company (ADNOC) on behalf of the Abu Dhabi Government. Operations are carried out by the local operating company – the Abu Dhabi Company for Onshore Oil Operations (ADCO) – jointly owned by ADNOC, and the ADPC shareholders: BP , Royal Dutch Shell , ExxonMobil , TotalEnergies and Partex ; reflecting the historical make-up of the Iraq Petroleum Company. The Abu Dhabi onshore oil concession expired in January 2014. Abu Dhabi Petroleum Company Limited

2583-443: The monetary arrangement between the IPC and the government. He also did not appreciate the monopoly that the IPC had been granted. However the economic situation at the time did not permit Qasim to nationalize the IPC – western nations had boycotted Iranian oil when Mossadeq nationalized its oil company and could be expected to do the same in this case. (It is likely that nationalization would have been Qasim's favored route had he had

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2646-406: The necessary capabilities). Further, Iraqis lacked the technical and managerial capabilities to run the IPC. Qasim needed the oil revenues to run his government and to keep the military satisfied. Therefore, Qasim resorted to many other tactics including increasing transit rates at Basra by 1,200%. In response, the IPC stopped producing oil that used Basra as a shipping point. The ensuing confrontation

2709-487: The negotiations held between the IPC and revolutionary governments that followed the overthrow of the Hashemite monarchy in 1958. Relations between the two can be examined on two major factors. First, oil was a vital part of the Iraqi economy. Because of this, the IPC had a huge impact on the amount of revenue that the government generated and thus had a certain amount of influence over the government. The second major factor

2772-549: The pipelines were completed from Kirkuk to Al Hadithah , and from there, to both Tripoli and Haifa; the Kirkuk Field was brought online the same year. Only in 1938, nine years after the discovery, did IPC begin to export oil in significant quantities. The Kirkuk production averaged 4 million tons per year until World War II , when restricted shipping in the Mediterranean forced down the production sharply. Although

2835-576: The price of its crude oil in certain areas. They also offered an advance payment on royalties. However this was not enough for the Iraqi government and they issued a new set of demands in November 1970 which essentially involved more Iraqi control of operations and more Iraqi profit-taking. Dissatisfied with the IPC's unwillingness to negotiate on Iraq's terms, the Iraqi government gave the IPC an ultimatum with similar demands in May 1972. The IPC tried to offer

2898-522: The promise that IPC would complete two oil pipelines to the Mediterranean by 1935—something CFP had demanded for a long time, in order to get its share of the oil quickly to France. Different routes and terminal locations on the Mediterranean coast were sought by the French, who favored a northern route through Syria and Lebanon terminating at the city of Tripoli on the Lebanese coast, and

2961-438: The red line. The writer Stephen Hemsley Longrigg, a former IPC employee, noted, "[T]he Red Line Agreement, variously assessed as a sad case of wrongful cartelization or as an enlightened example of international co‑operation and fair-sharing, was to hold the field for twenty years and in large measure determined the pattern and tempo of oil development over a large part of the Middle East". The Agreement lasted until 1948 when two of

3024-465: The remoter parts of its concession areas. During the Hashemite Monarchy (1932–58) , there were no serious issues between the IPC and the Iraqi government as the Hashemites were extremely pro-west. In fact, they had been installed by the British, and therefore tensions were minimized. They were dependent on the British militarily and had essentially pledged allegiance to them through the Baghdad Pact . The Hashemites' main disputes centered on increasing

3087-447: The southern region of Iraq. Three issues caused protracted negotiations among the partner groups of IPC: As the Red Line Agreement defined the company's sphere of operations well beyond the boundaries of Iraq, IPC's shareholders were keen to look for oil elsewhere in the Middle East. They created associated companies, one for each territory to be explored. These companies were collectively known as "The IPC Group". They would obtain from

3150-643: The sovereign power an exploration licence covering simple exploration over a defined geographical area, or a concession permitting exploration and the production of oil. By 1948, the company had created 12 companies with concessions or exploration licences: Petroleum Development (Cyprus Ltd), Lebanon Petroleum Company Ltd, Petroleum Development (Palestine) Ltd, Syrian Petroleum Company Ltd, Trans-Jordan Petroleum Company Ltd, Mosul Petroleum Company Ltd, Basrah Petroleum Company Ltd, Petroleum Development (Qatar) Ltd, Petroleum Development (Trucial Coast) Ltd, Petroleum Development (Oman and Dhofar) Ltd, Petroleum Concessions Ltd (for

3213-414: Was Gulbenkian, and the largest single shareholder was the British government-controlled Anglo-Persian Oil Company , which by 1914 held 50% of the shares. TPC received a promise of a concession from the Ottoman government, but the outbreak of World War I in 1914 stopped all exploration plans. Deutsche Bank brought a concession granted to the Anatolian Railway Company to explore for minerals and oil along

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3276-485: Was also interested in other ventures apart from oil, such as potash mining in Trans-Jordan , asphalt in Syria (for which it set up a company, Société Industrielle des Asphaltes et Pétroles de Lattique ) and salt mining in the Aden Protectorates - although this latter venture was never developed. The company created air transport companies, the Iraq Petroleum Transport Company and Transports du Proche Orient, to operate aircraft and vessels to ferry people and equipment to

3339-413: Was an Ottoman possession , early negotiations for an oil concession centered in the empire's capital, Constantinople . The first interest was shown by Imperial German banks and companies, already involved in building the Berlin-Baghdad railway . In 1911, in an attempt to bring together the competing British and German interests in the region, a British company known as African and Eastern Concession Ltd,

3402-412: 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. The forerunner of the Iraq Petroleum Company (IPC) was the Turkish Petroleum Company (TPC), which was established in the early 20th century in the belief that Mesopotamia (Iraq and parts of Syria) contained substantial reservoirs of oil. Since Mesopotamia

3465-423: Was constructed for company employees in town on the beach. At one point ADPC accounted for two-thirds of the economic activity in Abu Dhabi. In 1974 the Abu Dhabi National Oil Company purchased a 60% share of ADPC. Corporate reorganization occurred in 1978 as the Abu Dhabi Company for Onshore Oil Explorations in conjunction with several foreign companies. Abu Dhabi Petroleum Company operations were depicted in

3528-409: Was dissolved on 4 October 2018, while Iraq Petroleum Company Limited still exists, now using company number 09646587 instead of 00113948. "New" Iraq Petroleum Company Limited was incorporated on 18 June 2015 as " BP Newco 1 Limited" and succeeded operations of "old" Iraq Petroleum Company, Limited, which dissolved on 30 December 2015. In 1948, IPC published its Handbook of the Territories which Form

3591-471: Was formed. In 1912, this company became the Turkish Petroleum Company (TPC), formed with the purpose of acquiring concessions from the Ottoman Empire to explore for oil in Mesopotamia. The owners were a group of large European companies – Deutsche Bank , the Anglo Saxon Oil Company (a subsidiary of Royal Dutch Shell ), the National Bank of Turkey (a British concern) – and Armenian businessman Calouste Gulbenkian . The driving force behind its creation

3654-415: Was inability of the Iraqi government at that time to source the technical knowledge and skill necessary to take over oil operations in the country. Beginning in the early 1950s, as the strength of nationalism in Iraq grew, the focus came to bear on foreign control over the oil production of the country. Abd al-Karim Qasim was a nationalist Iraqi Army general who seized power in a 1958 coup d'état in which

3717-498: Was reluctant to develop it quickly and production was restricted to fields constituting only one-half of 1 percent of the country's total area. During the Great Depression , the world was awash with oil and greater output from Iraq would simply have driven the price down to even lower levels. Delaying tactics were employed not only in actual drilling and development, but also in conducting negotiations on such matters as pipeline rights-of-way. The owners of IPC had conflicting interests:

3780-509: Was struck. The initial uncontrolled gushing spilled many tons of oil, but the oil field was soon brought under control and proved to be extensive. The discovery hastened the negotiations over the composition of TPC, and on 31 July 1928 the shareholders signed a formal partnership agreement to include the Near East Development Corporation (NEDC), an American consortium of five large US oil companies that included Standard Oil of New Jersey , Standard Oil Company of New York (Socony), Gulf Oil ,

3843-507: Was the lowest point in relations between the two up to this point. On 12 December 1961, the Iraqi government enacted Law No. 80, which expropriated 99.5 per cent of the IPC group's concession areas without compensation and put an immediate stop on oil exploration. Law 80 did not impact the IPC's ongoing production at Az Zubair and Kirkuk, but all other territories, including North Rumaila , were returned to Iraqi state control. One major difference between these negotiations and those of 1952,

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3906-405: Was the only major company with activities visible to the general public of Abu Dhabi, and as such it was known to them simply as "ash-Sharika", or "The Company." Oil was discovered in commercial quantities at the Murban No. 3 well in 1959. Another significant field, the Bu Hasa oil field , was discovered in 1962 when PDTC surrendered its oil concessions elsewhere in the Trucial States and was renamed

3969-404: Was the stance of the Iraqi government. Whereas it had been more willing to accommodate the IPC in 1952, the government's positions under Qasim were largely non-negotiable. However this should not be surprising because it was expected that Qasim would take advantage of growing Arab nationalism and a sense amongst many ordinary Iraqis that they were being exploited by the west. Throughout the 1960s,

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