The global dependence on oil as a vital energy resource for various functions that support human life is on a significant rise. The US alone consumes about 22% of the total global petroleum product consumption. A host of other countries, including China, have an increasing demand for fossil fuels. To suffice this demand, oil exploration and drilling companies have been set up targeting drilling and refining the vital energy resource. Here are five of the world’s largest oil companies by revenue.
Sinopec is a Chinese government-owned petrochemical corporation established in 1998. The company has an estimated total annual revenue of about $377 billion and produces about 4.8 million barrels of oil per day. It focuses on the exploration, production, refining, distribution, and marketing of petroleum-related chemicals and products.
The Saudi Aramco Company is a Saudi Arabian, government-owned petrochemical company that deals with the production, exploration, refining, marketing, and shipping of petroleum products. With an annual net revenue of about $359 billion, the company produces about 13.6 million barrels of oil each day. Aramco was established back in 1933 and has since expanded and rebranded severally.
China National Petroleum
The China National Petroleum Company enjoys an annual revenue of about $324 billion. It produces about 1.9 million barrels of oil per day and is particularly focused on expanding its reach in overseas oil fields. The state-owned company produces about two-thirds of China’s oil and gas production capacity.
The Royal Dutch Shell
Popularly known as the Shell Company, the Royal Dutch Shell is a public limited company based in the UK in the Netherlands. It produces about 3.7 million barrels of oil per day and rakes in a revenue of about $322 billion. Founded in 1907, the company has since expanded into African countries where it is largely dominating the production, refinery, transportation, and marketing of petroleum products.
The BP Oil Company
Popularly known as BP, the public limited company based in the UK, was founded in 1909 as an offshoot of the Burmah Oil Company. It has since been rebranded severally and has achieved numerous milestones, including producing about 4.1 million barrels of oil per day and about $303 million-worth of annual revenue.