The whole of humankind has always needed oil and gas since the day they were discovered. As technology improved daily, the consumption of oil and gas; also increased with it. Usually, in ancient times, solar energy was the primary source of heat and energy.
After the sun, the second most convenient source to provide heat for household work was the use of fire. In this blog, we are going to learn about the top oil and gas companies in the world and what were the sales index that made some of them the biggest petroleum company in the world in a particular year.
History of Oil and Gas
When Scottish chemist James Young made a crucial discovery in 1847, it marked the beginning of the modern oil and gas business. Natural petroleum seepage was something he saw in the Riddings coal mine, and he distilled two different oils from it: one thin one for lighting and another thicker one for lubricating.
Advancement in Usage
With the discovery of oil and gas, new machinery was invented that used oil and gas as a fuel source—those machinery accumulated in our houses, transportation, and industrial area. In short, we can say that oil and gas have become the basic need of every state for its energy consumption.
List of the Top 6 Oil and Gas Companies in the World
According to a recent survey, here is the list of some highly ranked top oil and gas producing companies on a global level:
- Saudi Aramco
- Exxon Mobil
- Total Energies
1. Saudi Aramco
As is evident from the name, this company is the pride of Saudi Arabia and is one of the most profit-producing industries of the state. According to an estimation, in 2020, Saudi Aramco produced almost 9.2M barrels of crude oil daily.
These statistics make it the biggest petroleum company in the world. According to a recent survey, Saudi Aramco has signed a contract with almost seven Asian countries to supply them with oil till November. Even if OPEC and its allies, including Russia, have agreed to reduce their output target by 2 million barrels per day, the entire supply allocation has been implemented.
Abdulaziz bin Salman, minister of energy in Saudi Arabia, estimated that the actual reduction in supply would be between 1 and 1.1 million barrels per day. Since other OPEC+ members are falling short of output objectives, analysts anticipate that Saudi Arabia, the United Arab Emirates, and Kuwait will bear the brunt of the production cuts.
2. Exxon Mobil
With 18 Oil discoveries, Exxon Mobil has secured the second position among the world’s top oil and gas companies.
It was recorded that in 2015, Exxon Mobil produced 8B barrels of oil. Two liquefied natural gas (LNG) carriers owned by subsidiaries of Malaysia’s MISC Berhad (MISC.KL) have entered into long-term charter contracts with a subsidiary of Exxon Mobil (XOM.N).
SeaRiver Maritime LLC, a subsidiary of Exxon Mobil, will charter the 174,000-cubic-meter LNG carriers for ten years (SRM).
After Exxon Mobil, Chevron is the second U.S.-based company that succeeded in securing the third slot in the list of top oil and gas companies worldwide. The aggregate capacity of Chevron’s five U.S. refineries is more significant than one million barrels per day.
This capacity is measured in barrels per day. In 2020, Chevron was regarded as one of the largest liquid producers.
In 2020, Chevron was one of the most successful companies in California when it came to producing net oil equivalents. In the Permian Basin, Chevron is both one of the largest producers and one of the largest net acreage leaseholders.
We don’t think that shell needs any introduction, especially for people from the Asian region of the globe. Especially in countries like India, Shell is one of the highly used and famous oil and gas brands.
Besides the oil and gas products, the shell is also highly famous for its high-quality lubricants and Mobil oils and is advertised by almost 75% of Petrol stations in India.
According to a survey, in 2016, Shell invested 3.2B dollars in clean energy transition investments. In the same year, it became the biggest petroleum company in the world.
5. Petro China
PetroChina Co Ltd, also known simply as PetroChina, is an oil and gas corporation that operates as a subsidiary of China National Petroleum Corporation.
It searches for, develops, and produces crude oil and natural gas; refines crude oil and petroleum products; manufactures and sells actual and derivative chemical products and other products; and explores for, develops, and produces natural gas.
In addition to that, the corporation is involved in the manufacturing and distribution of core petrochemical goods. In addition, it is engaged in the marketing and trading of refined products and the pipeline transportation of natural gas, crude oil, and delicate goods.
The exploration basins that the corporation is active in are located in Songliao, Ordos, Tarim, Junggar, Sichuan, and Bohai Bay. China, Kazakhstan, Australia, and Indonesia are the countries where the corporation maintains an operational presence.
Petro China secured its place in the world’s top oil and gas producing companies by producing $281B in sales during 2020.
6. Total Energies
Formerly known as Total S.E., the firm, now known as TotalEnergies SE (TotalEnergies), is an integrated global multi-energy company that generates electricity from natural gas, green gases, oil, and biofuels, as well as renewable sources.
It also engages in drilling, the production of oil and gas, the processing of those materials, the transportation of those materials, the refining of those materials, the manufacturing of petrochemicals, and the storage and distribution of petroleum products and specialized chemicals. In addition to the power generation and gas trade, the company is also active in renewable energy.
TotalEnergies operates as a ship chartering company, provides feedstock to chemical facilities, and trades on various derivative markets. The company’s primary target demographic is customers in the transportation, automotive, aerospace, energy, housing, and manufacturing industries.
Effect of the Pandemic on the Oil and Gas Industry
COVID-19 greatly affected the whole world. Due to the strict curfews, the transportation ratio was significantly reduced, directly affecting these companies. Even the biggest petroleum company in the world was also greatly affected because most of its sales were successful because of transportation.
As a result of the viral outbreak in March, Aramco chose to slash its capital budget for the year from $31 billion to $25 billion, a reduction of more than $12 billion. To comply with the OPEC+ accord cuts, the business has postponed significant growth projects at the Marjan complex and Berri.
While Aramco has been operating in a challenging climate, the new fiscal regime in Saudi Arabia that began at the beginning of 2020 has benefited the company. To get the corporation out of its current jam, the country lowered its base royalty charge from 20% to 15%.
- Who owns the most oil in the world?
- Venezuela owns the most significant amount of oil reserves in the world.
- Who is the largest exporter of oil?
- Saudi Arabia is the largest exporter of oil in the world.
- Who controls the world oil supply?
- OPEC controls the world’s oil supply.
- Who Buys Gas from Russia?
- Germany, Italy, and Turkey are the top three countries that buy gas from Russia.