The oil and gas industry has been going through a difficult time in the past couple of years. In the midst of the global pandemic caused by COVID-19, the price of oil crashed. This was followed by a spike this year due to Russia’s invasion of Ukraine. The sector has also undergone a major transformation as the world’s leaders work toward reducing carbon emissions.
Despite the goal of net zero, gas and oil remain vital components of the energy mix. The rising global population and increasing consumption in developing nations are driving the need for energy.
According to the International Energy Agency (IEA), the world’s demand for oil will increase next year to a record high of 101.6 million barrels a day. This is above the levels that were recorded pre-COVID. This list aims to identify the most prominent companies in the oil industry.
Sinopec (Chinese Petroleum and Chemicals Corporation)
China’s largest oil company, Sinopec, is based in Beijing and has a revenue of $405.4 billion. It is a vertically integrated energy and chemical company that engages in the exploration and production of oil and gas.
PetroChina
One of China’s largest oil and gas distributors is PetroChina. It has various operations, such as exploration and production, oil refining, and natural gas transportation. When the country’s trade liberalization started in 1993, PetroChina began exporting oil. Since then, it has transformed into one of the world’s largest publicly listed companies.
Saudi Aramco
Saudi Aramco is the national oil company of Saudi Arabia. It has been regarded as the world’s most profitable organization due to the low cost of production in the country. It operates both upstream and downstream operations and has extensive capabilities in various areas, such as exploration, refining, and marketing. Not only does it control the world’s second-largest oil reserves, but it also has operations in Saudia Arabia and around the world.
ExxonMobil
The world’s largest non-state oil company is ExxonMobil. It was formed in 1999 following the merger of Mobil and Exxon. Since then, the company has grown to become one of the largest refiners worldwide. It also markets and distributes various types of chemicals and petroleum products.
Shell
Founded in 1907, Shell is the product of the merger of the Royal Dutch Petroleum Company and the United Kingdom’s “Shell” Transport & Trading Company Ltd. The supermajor known as Shell then became a global organization. The company’s distinctive logo and numerous service stations make it one of the most prominent organizations in the global oil and gas industry.
TotalEnergies
In 1924, Total was established in France to help the country gain a competitive advantage in the international race for gas and oil reserves. Today, it is a diversified energy company that offers electricity, fuels, and natural gas.