Facing financial difficulties and the immense costs of drilling in a challenging environment, D’Arcy eventually partnered with the British government. Origins and Founding Principles The story begins with William Knox D’Arcy, an Australian entrepreneur who secured a concession from the Persian Shah in 1901.
Anglo Iranian Oil Company 1951 Nationalization and the Coup That Followed
The new entity, BP, began to expand its operations worldwide, investing in new fields in Libya, the North Sea, and other emerging markets to reduce its reliance on Iranian oil. The construction of the Abadan Refinery, which began operations in 1953, turned the facility into the largest of its kind in the world.
In 1954, it was renamed the Anglo-Iranian Oil Company, and later, in 1957, it became the British Petroleum Company. The subsequent international standoff and economic pressures culminated in a coup in 1953, reversing the nationalization and restoring the company’s operations, albeit under a new framework.
Anglo Iranian Oil Company 1951 Nationalization and the Mossadegh Era
This rebranding was part of a broader strategy to reposition the firm as a global energy provider rather than a symbol of colonial enterprise. The nationalist movement led by Prime Minister Mohammad Mossadegh sought to assert Iranian sovereignty over the nation’s natural resources.
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