It is a subsidiary of Naftiran Intertrade, a part of the National Iranian Oil Company, responsible for developing upstream oil projects.
[1][2] In 2003 it was announced that Petroiran will merge with Petropars, another subsidiary of Naftiran Intertrade.
[7] The company develops the South Pars, Azadegan, Foroozan, Salman, Nosrat, Farzam and Arash fields.
[8][9] Belpars, a joint company of Petroiran and Belarusneft, a subsidiary of Belneftekhim, is developing the Jofeir oil field.
[10][11] In 2006, the company had a legal dispute with Romanian Grup Servicii Petroliere over the ownership of jack-up drilling rigs GSP Orizont and GSP Fortuna.