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 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 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 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 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
|Rank||Company name||Revenue 2015 (US$ billion)|
|3||China National Petroleum Corporation||428.62|
|6||Royal Dutch Shell||265|
|7||Kuwait Petroleum Corporation||251.94|
|17||National Iranian Oil||110.00|
|20||China National Offshore Oil||98.53|
|27||Indian Oil Corporation||81.55|
|44||Motor Oil Hellas||28.98|