Here are the world’s largest oil companies.
The oil industry is currently facing various challenges because of the plummeting oil prices due to oversupply, low demand, covid-19 pandemic and global economic recession.
Many companies have laid off significant number of employees to cut costs; but a silver lining to this is that the world cannot have zero carbon emission even just for a day.
There will always be industries that will be affected ultimately when they no longer depend on the production of oil.
Hence, oil companies continue to operate and distribute their products, competing against each other in providing the finite source of oil.
Here are the top 10 oil companies in the world.
For more than 80 years now, this state-owned company of the Kingdom of Saudi Arabia boasts of their hydrocarbons exploration, production, refining, distribution, shipping and marketing. They have also become the world’s top exporter of crude oil and natural gas liquids (NGLs). Saudi Aramco holds oil and condensate reserves of 260.2 billion barrels, with a daily crude production of 9.5 million barrels per day (bpd) in 2012. The oil company with its subsidiaries has a total worldwide refining capacity of almost 4.5 million bpd.
Gazprom’s expertise is in geological exploration, production, transportation, storage, processing and sales of gas, gas condensate and oil, sales of gas as a vehicle fuel as well as generation and marketing of heat and electric power. Holding the world’s largest natural gas reserves, this company composes 14% of the global gas output and 74% that of Russia’s. It has a crude production of 9.7 million bpd.
National Iranian Oil Co.
The National Iranian Oil Company (NIOC) has been dealing with oil, gas and petroleum products by directing and making policies for their exploration, drilling, production, research and development, refining, distribution and export. The company has been operating since 1951, and now it has the one of the largest oil companies with an estimated amount of 156.53 billion barrels of liquid hydrocarbons and 33.79 trillion cubic meters of natural gas. It produces 6.4 billions bpd on average.
Being the world’s largest publicly traded international oil and gas company, ExxonMobil is the world’s largest refiner and marketer of petroleum products. It is definitely a world leader in global oil and gas resources inventory which produces 5.3 million barrels per day on average. ExxonMobil operates through more famous brand names Exxon, Esso, and Mobil.
PetroChina dominates the oil and gas industry being its largest oil and gas producer and distributor. It is also among one of the largest oil companies in the world having one of the biggest sales revenue in China. The company has an average crude production of 4.4 million barrels per day.
Producing 4.1 million bpd on average, BP provides customers with fuel for transportation, energy for heat and light, lubricants to keep engines moving, and the petrochemicals products used to make everyday items as diverse as paints, clothes and packaging. The company works on both streams: upstream is on oil and natural gas exploration, field development and production; downstream is on product and services with regard to fuels, lubricants and petrochemicals.
Royal Dutch Shell
Shell separates from the rest of the oil companies being focused on oil research and development. The company already spent $2.2 billion on developing alternative energies, carbon capture storage and CO2 related studies. It is focused on exploring new oil and gas reserves in the upstream and on sustaining cash generation from existing assets and selective investments in growth markets in the downstream. It generates 3.9 million bpd on average, and works as a global group of energy and petrochemical companies.
Pemex deals with the exploration, production, transportation, refining, storage and sale of hydrocarbons and derivatives. It is Mexico’s state oil company that produces an average of 3.6 million bpd, working on products like petrochemicals, natural gas, liquid gas, sulphur, gasoline, kerosene, and diesel. Pemex operates 344 production fields; 6,382 production wells; 225 off-shore platforms; 6 refineries; 8 petrochemical complexes; 7,896km of gas pipelines; 4,548km of oil pipelines; and 19 LPG distribution terminals.
At the end of 2012, Chevron had a global refining capacity of 1.95 million bpd. It has an average of 3.5 million bpd. The company focuses on the production and transportation of crude oil and natural gas; refining and distribution of transportation fuels and lubricants; manufacturing of petrochemical products; power generation; production of geothermal energy; and developmental research for advanced biofuels.
Kuwait Petroleum Corp.
Also a state-owned oil company is the Kuwait Petroleum Corp. It explores, produces, refines, transports, and markets oil and gas both in their home country and internationally. It has a 3.4 million bpd average production.