The Iraq Petroleum Company Limited was incorporated in 1911 as the African and Eastern Concessions Limited. It's name was changed to Turkish Petroleum Company Limited in 1912, and to Iraq Petroleum Company Limited in 1929.
By the San Remo Oil Agreement of 1920 the shareholding in the Company was arranged as Anglo-Persian Oil Company Limited (47.5 per cent), Shell (22.5 per cent), Compagnie Franaise des Petroles (25 per cent), C. S. Gulbenkian (5 per cent). A concession was obtained in 1925 and oil was first struck by the Company in 1927.
In 1928 the "Red Line" Agreement was signed after much debate between the groups. It rearranged the shareholding as follows: Anglo-Persian Oil Company Limited (23.75 per cent), Shell (23.75 per cent), Compagnie Francaise des Petroles (23.75 per cent), the Near East Development Corporation (23.75 per cent), and Gulbenkian (5 per cent). The Concession Agreement was revised in 1931. The 1928 Red Line Agreement was superseded by a Revised Group Agreement in 1948. The wholly owned subsidiaries of Basrah Petroleum Company Limited and Mosul Petroleum Company Limited obtained further concessions in 1938 and 1942 respectively. Pipelines to the Mediterranean were completed in the 1930s and 1940s. The Company also acquired significant interests in Middle Eastern concessions outside Iraq.
In 1961 the revolutionary regime of General Kassem promulgated Law 80 which deprived the IPC of over 99.5 per cent of its concessional areas in Iraq, leaving only producing oilfields. In 1971 Law 69 nationalised the remaining interests.
Reference: Iraq Petroleum Company Archive