The oil industry is an industry which can reap massive benefits in terms of profits. Since the early 20th century the world’s need for oil has continued to grow as nations develop and consumers use more oil products each day. Many oil companies have been bought out by larger firms or forced to break up into smaller companies because of antitrust or antimonopoly laws. Many companies have grown and been very successful over the past decades. Their facilities have grown, ventures have spread to other countries and profits have pushed into the tens of billions annually.
Table of Page Contents
- Here is the list of ten of the biggest oil and gas companies in terms of daily production – or millions of barrels per day
- 10. Kuwait Petroleum Corporation:
- 9. Chevron:
- 8. Petroleos Mexicanos (Pemex):
- 7. Royal Dutch Shell:
- 6. British Petroleum:
- 5. PetroChina:
- 4. ExxonMobil:
- 3. National Iranian Oil Company:
- 2. Gazprom:
- 1. Saudi Aramco:
Here is the list of ten of the biggest oil and gas companies in terms of daily production – or millions of barrels per day
10. Kuwait Petroleum Corporation:
In 1934 the Kuwait Oil Company was created by BP and Chevron. Over the next 40 years, exploration and development expanded the production potential of the Kuwaiti oilfields. In 1975, the Kuwait government took over the Kuwait Oil Company and by 1980 had nationalized the oil industry under the new Kuwait Petroleum Organization (KPO). Today, the KPO continues to expand its production capabilities to remain competitive with the other companies on this list when it comes to meeting the world demand for energy.
California was the place where oil was discovered in 1879 which led to the creation of the Pacific Coast Oil Company (PCOC). Over the following decades, the PCOC joined other companies and experienced reorganization and several name changes. In 1984, now known as Standard Oil of California, the company merged with Gulf Oil in what was the biggest merger of that time. The following reorganization saw the company renamed Chevron Corporation. Chevron grew even larger in 2001 with the acquisition of Texaco. In 2010, the company bought Atlas Petroleum for $4.3 billion.
8. Petroleos Mexicanos (Pemex):
In the early 20th century, American and British oil companies were developing and refining petroleum in Mexico. The Mexican government saw the potential in such industry and moved quickly to support striking oil workers in 1938. Citing the Mexican Constitution, the government took over all foreign facilities and nationalized the oil industry. Today, through taxes, Pemex supplies the Mexican government with around one-third of its total revenue.
7. Royal Dutch Shell:
One of the largest oil and gas companies in the world, Royal Dutch Shell was created in 1907 by the merging of Royal Dutch Petroleum and the Shell Transport and Trading Company of Britain. Perhaps best known in North America for its gas stations, automotive oils and association with Formula One racing, Shell’s oil and gas interest stretch across the globe. Like other petroleum companies, Shell has begun diversifying and is now involved in the renewable energy sector, specifically wind and solar energy. It is also investing heavily in hydrogen technology.
6. British Petroleum:
British Petroleum’s origins date back to 1909 with the start-up of the Anglo-Persian Oil Company. Over the years the company changed names and expanded its drilling operations from the Middle East to Alaska and the North Sea. At one time, the company was the second largest oil company in the world. After the 2010 Deepwater Horizon spill, however, the company sold off a number of assets to help pay for the $4.5 billion in penalties, fines and legal fees
This Chinese state-controlled company is likely to move up this list quickly in the coming years. PetroChina is the largest Chinese oil and gas company. Founded in 1999, this company’s annual revenue is reportedly $325 billion, although this figure will likely be much higher once recent market data is released. In worldwide development, PetroChina is involved in Africa, in Australia, where it signed a $50 billion contract for Australia natural gas, and in Canada, where it has spent over $5 billion to take on a minority stake in developing shale gas deposits. PetroChina is well suited to become one of the biggest names in the energy industry over the coming years.
This company has its origins in John D. Rockefeller’s Standard Oil Company. When Rockefeller was forced to break up his company because of antitrust laws in 1911, two of the companies created were Jersey Standard and Socony. Over the years these two companies transformed into Exxon and Mobil, respectively. In 1999 Exxon and Mobil officially merged to create the largest company in world at that time – ExxonMobil. With a 2013 revenue of $420 billion, this oil and gas company is one of the biggest.
3. National Iranian Oil Company:
The National Iranian Oil Company holds third place among the world’s largest oil and gas producers. This company has its origins in the early 20th century when the British discovered and successfully began exploiting Iran’s oil with the Anglo-Persian Oil Company. The rise of Iranian nationalists to power in 1951 led to the creation of the National Iranian Oil Company (NIOC). An American supported coup in 1953 eventually led to Western oil companies coming back into Iran. The Islamic Revolution in 1979 led to all foreigners leaving Iran and oil production was taken over by domestic employees.
Officially known as Open Joint Stock Company Gazprom, Gazprom is the world’s largest natural gas company. Created in 1989, a majority of the company is held by the Russian state while a small portion is privately owned. The company was able to grow significantly in the 1990s thanks to the fact that Gazprom’s chairman was appointed Prime Minister of Russia. Don’t be fooled by the ‘mere’ $150 billion annual revenue and $40 billion annual profits of this company. As a major supplier of natural gas to Europe, Gazprom – and by extension the Kremlin – have significant political and financial leverage in that part of the world.
1. Saudi Aramco:
This company generates over $1 billion a day in revenue, produces the most barrels per day of any company and is sitting on the largest proven reserves in the world. This company began with Standard Oil of California striking oil in Saudi Arabia in the 1930s. By 1944 the Arabian-American Oil Company (Aramco) was formed. American support for Israel in the 1970s led the Saudi Arabian government to push for a greater stake in the domestic oil industry. By the 1980s, Saudi Arabia had taken full control of the company and renamed it Saudi Aramco. The company is so large it has its own air service complete with aircraft, helicopters and two airports in the United States – the only two privately owned and operated airports allowed by the FAA.
these are some of the Top 10 best and largest Largest Oil and Gas Companies in The World. Despite the sincere efforts of environmentalists to reduce these companies’ activities, due to the lack of better sources of energy, it still turns out to be the one of the best forms of fuel to depend upon.