(APOC; later renamed the Anglo-Iranian Oil Company and still later British Petroleum) in.
Iran in 1908 stimulated a great interest in potential Iraqi oil resources. Financial groups.
from several major nations engaged in protracted negotiations with the Ottoman Empire.
(present-day Iraq, Iran, Kuwait, and Turkey) in order to obtain concessions to explore for.
oil in Mosul and in Kirkuk, two locations in what later was north-central Iraq. Although a.
few concessions were granted prior to World War I (1914-1918), little surveying or.
exploration was actually done. In 1912, several rival groups banded together to.
establish the Turkish Petroleum Company (TPC), which would also seek a concession.
to explore for Iraqi oil and would attempt to eliminate rivalry among the partners (Phyllis.
and Moushabeck 49).
Establishment of the TPC did not, however, eliminate the rivalry among the.
shareholders representing various national interests, such as those of Great Britain.
After World War I, Iraq became a British mandate in 1920 yet that did not guarantee the.
TPC an exclusive concession. After lengthy negotiations, a concession was finally.
granted in 1925. In fact, numerous amounts of oil were discovered and because of the.
continuous negotiations with the Iraqi government, the TPC was renamed the Iraqi.
Petroleum Company (IPC) in 1929. This resulted in complete IPC control over the oil in.
Iraq (Phyllis and Moushabeck 47-49). .
After the Iraqi revolution in 1958 and after the country was declared a Republic in.
1961, the Organization of Petroleum Exporting Countries (OPEC) was formed in.
response to a reduction in revenues due to a surplus amount of oil in Iraq. OPEC's.
main objective was to limit the impact of Iraq on IPC. In response, Iraq formed the.
state-owned Iraq Nation Oil Company (INOC). Economically, Iraq remained stable with.
oil booms throughout the 1960's and 1970's. However, there was a period of political.