Not Just The Usual Suspects
Love em or hate em, oil and natural gas companies keep the world
running, and will for many years to come. The following 2012 ranking of
the world's biggest is based on the combined volumes of oil and natural
gas that these companies produce each day. You'll see one individual
(arguably the oil industry's most powerful person) show up in a number
of these pics. Can you guess who?For more energy industry coverage,
. Saudi Aramco - 12.5 million barrels per day
Saudi Aramco is by far the biggest energy company in the world,
generating more than $1 billion a day in revenues. This image depicts
the Shaybah mega-project, sitting on more than 15 billion barrels of oil
in the Rub al-Khali desert. Aramco's biggest field, Ghawar, can do 5
million bpd.
(Note: 2012 working interest production volumes
calculated by Wood Mackenzie reflects oil plus the energy equivalent in
natural gas.)
2. Gazprom - 9.7 million barrels per day
Russia's Gazprom is the world's largest producer of natural gas.
Controlled by the Kremlin, Gazprom's monopoly on gas deliveries to much
of Europe provides President Vladimir Putin a prime lever for
projecting power in the region. Gazprom's profits are more than $40
billion a year.
(Note: 2012 working interest production volumes
calculated by Wood Mackenzie reflects oil plus the energy equivalent in
natural gas.)
3. National Iranian Oil Co. - 6.4 million barrels per day
Iran has been forced to curtail oil production due to
international sanctions, but remains a huge oil and gas producer. To
skirt sanctions, Turkey and India have reportedly been paying for
Iranian oil with gold. The Strait of Hormuz remains the world's most
significant choke point for oil. Iran has threatened to close the Strait
if attacked.
(Note: 2012 working interest production volumes
calculated by Wood Mackenzie reflects oil plus the energy equivalent in
natural gas.)
4. ExxonMobil - 5.3 million barrels per day
Exxon's $40 billion in annual profits don't seem like a lot when
you consider their $400 billion in sales. It takes giant projects to
"move the needle" for the Big Unit. That means CEO Rex Tillerson has to
make friends with potentates. In this picture from last April, Tillerson
is meeting with Russia's Vladimir Putin to iron out a joint venture
between Exxon and Russia's state-controlled oil giant Rosneft.
(Note:
2012 working interest production volumes calculated by Wood Mackenzie
reflects oil plus the energy equivalent in natural gas.)
5. PetroChina - 4.4 million barrels per day
The largest of China's three state-controlled oil giants,
PetroChina also has the highest market cap of any of the publicly traded
giants. The company already produces more oil than ExxonMobil, and
considering the estimates of massive shale gas under China, could
someday vie with Gazprom as a regional gas power. (Note: 2012 working
interest production volumes calculated by Wood Mackenzie reflects oil
plus the energy equivalent in natural gas.)
6. BP - 4.1 million barrels per day
Bob Dudley is seeking to turn the giant formerly known as
British Petroleum around. Selling assets, settling lawsuits, promising
improvements. BP may not maintain its 4.1 million barrels per day for
long; it is in talks to sell its 50% stake in Russian venture TNK-BP,
which provides a quarter of production.
(Note: 2012 working interest
production volumes calculated by Wood Mackenzie reflects oil plus the
energy equivalent in natural gas.)
7. Royal Dutch Shell - 3.9 million barrels per day
Shell is hoping this summer to start drilling for oil in
Alaska's Chuckchi Sea. For years since leasing offshore blocks from the
federal government Shell has been perfecting its drilling plan and
preparing the Kulluk floating drilling rig, pictured here in the Puget Sound by Seattle. (Note:
2012 working interest production volumes calculated by Wood Mackenzie
reflects oil plus the energy equivalent in natural gas.)
8. Pemex - 3.6 million barrels per day
Production from Mexico's biggest field, Cantarell (pictured) has
plunged from 2 million bbl per day to roughly 600,000 now. State-owned
Pemex is working to replace that shortfall with other fields. Mexico's
incoming President Enrique Pena Nieto has said reforming Pemex to allow
foreign investment will be his signature issue.
(Note: 2012 working
interest production volumes calculated by Wood Mackenzie reflects oil
plus the energy equivalent in natural gas.)
9. Chevron - 3.5 million barrels per day
Chevron bought Atlas Petroleum in 2010 for $4.3 billion to gain
acreage in the Marcellus and Utica shales. With gas prices low, some
expect a bigger deal to come.
(Note: 2012 working interest production
volumes calculated by Wood Mackenzie reflects oil plus the energy
equivalent in natural gas.)
10. Kuwait Petroleum Corp. - 3.2 million barrels per day
Kuwait's oil company was originally formed in 1934 by what are
now Chevron and BP. In 1975 the company was nationalized. Kuwait's
fields suffered greatly by fires set by Saddam Hussein's forces in 1990.
Kurwait's biggest field, Burgan, continues to be operated by Chevron.
(Note:
2012 working interest production volumes calculated by Wood Mackenzie
reflects oil plus the energy equivalent in natural gas.)
11. Abu Dhabi National Oil Co. - 2.9 million barrels per day
Abu Dhabi is the seat of power in the United Arab Emirates. It
is currently taking advantage of its strategic position adjacent to the
Strait of Hormuz to build a pipeline to Fujairah, alleviating any chance
of its crude exports being bottlenecked by an Iranian blockade.
(Note:
2012 working interest production volumes calculated by Wood Mackenzie
reflects oil plus the energy equivalent in natural gas.)
12. Sonatrach - 2.7 million barrels per day
Most of the output from Algeria's national energy company is in
the form of natural gas, much of which Algeria exports to Europe. This
image depicts the In Salah gas project, which strips out carbon dioxide
from the gas stream and reinjects it back down into the gas reservoirs.
(Note:
2012 working interest production volumes calculated by Wood Mackenzie
reflects oil plus the energy equivalent in natural gas.)
13. Total - 2.7 million barrels per day
After French President Francois Hollande imposed new taxes on
oil inventories in July, Total CEO Christophe de Margerie said the move
would cost Total nearly $200 million in 2012 and hurt France's already
ailing refining sector.
(Note: 2012 working interest production
volumes calculated by Wood Mackenzie reflects oil plus the energy
equivalent in natural gas.)
14. Petrobras - 2.6 million barrels per day
Former CEO Sergio Gabrielli passes the baton to new Petrobras
boss Maria das Gracas Silva Foster last February. The company is
striving to develop massive ultra deep oil fields offshore. (Note:
2012 working interest production volumes calculated by Wood Mackenzie
reflects oil plus the energy equivalent in natural gas.)
15. Rosneft - 2.6 million barrels per day
Sibling to Gazprom, Rosneft is Russia's state-controlled oil
company. Russian President Vladimir Putin is shown here in June
attending a signing ceremony of a joint venture between Rosneft and
ExxonMobil to explore Russia's Arctic seas and giant oil-bearing
shales.
(Note: 2012 working interest production volumes calculated by
Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)
16. Iraqi Oil Ministry - 2.3 million barrels per day
Iraq will likely zoom up the ranks of the world's biggest
producers as its giant untapped fields come on line. This photo is of
drilling in West Qurna Phase 2, a project operated by Russia's Lukoil to
tap 13 billion barrels. Lukoil's contract with Iraq pays it just $1.15
per barrel extracted.
(Note: 2012 working interest production volumes
calculated by Wood Mackenzie reflects oil plus the energy equivalent in
natural gas.)
17. Qatar Petroleum - 2.3 million barrels per day
The vast majority of Qatar's production is in the form of
natural gas, which gets shipped as LNG around the world. Qatar shares
the world's largest natural gas field, which lies under the Persian
Gulf, with Iran. Qatar is also home to the biggest U.S. military base in
the region, not far across the desert from its gleaming capital Doha.
(Note:
2012 working interest production volumes calculated by Wood Mackenzie
reflects oil plus the energy equivalent in natural gas.)
18. Lukoil - 2.2 million barrels per day
Lukoil was formed in 1991 by former Soviet deputy oil minister
Vagit Alekperov, who still runs the company and owns a 20% stake worth
some $13 billion. Though Lukoil is investor-owned, Alekperov is still
careful to consult Vladimir Putin. The two are seen here in 2010 touring
Lukoil-Nizhegorodnefteorgsintez refinery at Kstovo in the Nizhny
Novgorod region. (Note: 2012 working interest production volumes
calculated by Wood Mackenzie reflects oil plus the energy equivalent in
natural gas.)
19. Eni - 2.2 million barrels per day
Eni is Italy's oil champion. CEO Paolo Scaroni has in recent
years made landmark joint ventures with the likes of Venezuela's Pdvsa
and Russia's Rosneft. Here Scaroni shakes the hand of Dhiya Jaafar,
acting chief of Iraq's South Oil Company, second right, as Iraqi Oil
Minister Hussain al-Shahristani, center, looks on. In Iraq Eni is
expanding the giant Zubair field.
(Note: 2012 working interest
production volumes calculated by Wood Mackenzie reflects oil plus the
energy equivalent in natural gas.)
20. Statoil - 2.1 million barrels per day
The Norwegian government owns 67% of the shares in Statoil. The
company has invested some $20 billion in the U.S., including the $4.7
billion acquisition of Bakken-focused Brigham Exploration in 2011. In
May CEO Helge Lund (L) inked a new joint venture with Russia's Rosneft.
There's Putin again.
(Note: 2012 working interest production volumes
calculated by Wood Mackenzie reflects oil plus the energy equivalent in
natural gas.)
21. ConocoPhillips - 2 million barrels per day
This year ConocoPhillips spun off its refining business as
Phillips 66 to focus on upstream operations. It may not have wanted its
refineries, but strangely, Delta Air Lines did. This picture is of the
Trainer, Pa. plant that Delta bought in hopes of paring its jet fuel
bill. (Note: 2012 working interest production volumes calculated by
Wood Mackenzie reflects oil plus the energy equivalent in natural gas.)
22. Petroleos de Venezuela - 1.9 million barrels per day
Known as Pdvsa, Venezuela's oil company seems to be the personal
piggy bank of President Hugo Chavez, who has starved the company of
capital to pay for social programs. Output is down 25% since 1998.
That's Chavez' mug emblazoned on the side of Pdvsa headquarters in
Caracas. (Note: 2012 working interest production volumes calculated
by Wood Mackenzie reflects oil plus the energy equivalent in natural
gas.)
23. Sinopec - 1.6 million barrels per day
Sinopec is China's biggest refiner. This year Sinopec cut a
sweeping shale venture with Devon Energy. Chairman Fu Chengyu was also
seen at at the NBA Finals as a guest of Oklahoma City Thunder owner, and
Chesapeake Energy CEO Aubrey McClendon.
(Note: 2012 working interest
production volumes calculated by Wood Mackenzie reflects oil plus the
energy equivalent in natural gas.)
24. Nigerian National Petroleum - 1.4 million barrels per day
Amid a crackdown on corruption in Nigeria's country's oil
industry, President Goodluck Jonathan has recently sacked several
executives of NNPC. Critics have also been calling for the head of oil
Minister Diezani Alison-Madueke, shown here attending an OPEC meeting in
Vienna. (Note: 2012 working interest production volumes calculated
by Wood Mackenzie reflects oil plus the energy equivalent in natural
gas.)
25. Petronas - 1.4 million barrels per day
Malaysia's state oil giant mades its headquarters in the
landmark Petronas Twin Towers, seen in the background of this photo.
Petronas has recently expanded abroad, and is in the process of
acquiring Canada's gas-focused Progress Energy for $5.4 billion. (Note:
2012 working interest production volumes calculated by Wood Mackenzie
reflects oil plus the energy equivalent in natural gas.)
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