Economics

Biggest Oil Companies In The World

With an annual revenue of $478 billion USD in 2015, the Saudi Aramco of Saudi Arabia is the world's highest earning oil company.

Oil industries are a major income earner for countries with oil fields. These industries export oil to different countries around the world. Since most world economies are reliant on carbon energy forms, petroleum, and petroleum products fetch good prices earning the countries revenue and providing employment to citizens and expatriates. However, in their exploration and daily business, these companies leave a negative impact on the environment especially from the release of gasses that are responsible for global warming and ultimately climate change. Petroleum is critical to industries, and it is highly vital to maintaining and running industrial civilization as it is today. The world is consuming 30 billion barrels of oil annually, with the developed countries leading. In 2007, the US alone Consumed 25% of the oil produced in that year.

The Five Biggest Oil Companies In The World

Saudi Aramco

Saudi Aramco is the largest and leading world oil company in Dhahran, Saudi Arabia. The company is a state-owned company that was founded in 1933 as the California-Arabian Standard Oil Company and renamed in 1988 as the Saudi Aramco. Saudi Aramco has the largest oil reserves in the world and produces the most oil on a daily basis making it the leading world petroleum company with about 478 billion dollars in annual revenue. The company produces other products such as petroleum, natural gas, and petrochemicals. The company has a worldwide presence for exploration, distribution, and marketing of her products. The company has the largest rate of carbon emission which it is working on reducing through her proposed and some already completed environmental policies.

Sinopec

Sinopec is a state-owned Chinese oil company in Beijing and the second largest oil company in the world with an annual revenue of 455.499 billion dollars. Sinopec also deals in oil and gas exploration, production of petrochemicals and sales and distribution services. The company expands its assets by buying other petroleum company shares as well as establishing drills in unexplored African territories. The company has been criticized for using damaging methods in the exploration of oil in Gabon’s Loango National Park which may destroy the environment and push the animals deeper into the wild where they are susceptible to illegal hunting. Sinopec has been responsible for massive pollution of water bodies.

China National Petroleum Corporation

The Corporation is a state-owned organization established in 1988 with headquarters in Beijing. The company is ranks third in our list of biggest oil companies in the world with a revenue of 428.62 billion dollars and a major employer of more than one million people. The company is involved in refining, production of natural gas and petrochemicals, exploration of oil fields and marketing of its products. The company has branches and investments in other countries both in Asia and Africa and shares in other oil companies around the world. The company has played a major role in pollution of water and air through leaks and destruction of the environment through drilling in the process of exploration

Petro China

Petro China is an establishment of the Chinese National Petroleum Corporation established in 1999. Like its mother company, Petro China is owned by the government with its headquarters in Beijing. The company is involved in exploration, refining, and marketing of its petroleum products. With an annual revenue of 367.982 billion dollars, the company is the fourth leading oil company in the world. Like other oil companies, petro China has been facing various charges of environmental pollution in areas of its exploration.

ExxonMobil

ExxonMobil is an American oil company with headquarters in Texas. It ranks fifth among the biggest oil companies in the world by revenue generated. The company was founded in 1999 through the merger of Exxon (formerly Standard Oil Company of New Jersey) and Mobil (formerly the Standard Oil Company of New York), and has a revenue of 268.9 billion dollars making it the fifth largest oil company in the world and an employer of thousands of people. ExxonMobil deals with crude oil, natural gas, petrochemicals, and other oil products. The company is criticized for its slow response to environmental pollution including cleaning up oil spills.

Environmental Effects Of Oil

Some of the oil companies have been responsible for environment pollution with the by-products and oil spills. The oil industry is the largest source of Volatile Organic Compounds (VOCs), the chemicals responsible with smog ground level ozone. Combustion of fossil fuels emits greenhouse gasses and other pollutants such as heavy metals, Sulphur dioxide, nitrogen oxides, and VOC

Biggest Oil Companies In The World

RankCompany nameRevenue 2015 (US$ billion)
1Saudi Aramco478.00
2Sinopec455.499
3China National Petroleum Corporation428.62
4PetroChina367.982
5Exxon Mobil268.9
6Royal Dutch Shell265
7Kuwait Petroleum Corporation251.94
8BP222.8
9Total SA212
10Lukoil144.17
11Eni131.82
12Valero Energy130.84
13Petrobras130.00
14Chevron Corporation129.9
15PDVSA128.44
16Pemex117.50
17National Iranian Oil110.00
18Gazprom106.3
19Petronas100.74
20China National Offshore Oil98.53
21Marathon Petroleum97.81
22PTT93.55
23Rosneft91.72
24JX Holdings90.67
25Engie89.64
26Statoil82.48
27Indian Oil Corporation81.55
28Sonatrach76.10
29Reliance Industries73.10
30Pertamina70.65
31Conoco Phillips55.52
32Enterprise Products47.95
33Repsol47.29
34Centrica45.29
35Bharat Petroleum43.46
36OMV Group43.09
37GS Caltex40.26
38SOCAR39.70
39Idemitsu Kosan38.58
40Hindustan Petroleum37.85
41Schlumberger35.47
42Suncor Energy34.66
43Hellenic Petroleum31.28
44Motor Oil Hellas28.98
45Ecopetrol26.99
46CEPSA26.90

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