1. Saudi Aramco – 12.5 million barrels per day (bpd)Saudi Aramco is by far the biggest energy company in the world, generating more than $1 billion a day in revenues. 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.
2. Gazprom – 9.7 m bpd
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.
3. National Iranian Oil Co. – 6.4 m bpd
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.
4. ExxonMobil – 5.3 m bpd
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.
5. PetroChina – 4.4 m bpd
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.
6. BP – 4.1 m bpd
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.
7. Royal Dutch Shell – 3.9 m bpd
Shell is hoping this summer to start drilling for oil in Alaska’s Chuckchi Sea. For years, since leasing off-shore blocks from its federal government, Shell has been perfecting its drilling plan and preparing the Kulluk floating drilling rig, pictured here in the Puget Sound by Seattle.
8. Pemex – 3.6 m bpd
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.
9. Chevron – 3.5 m bpd
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.
10. Kuwait Petroleum Corp. – 3.2 m bpd
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. Kuwait’s biggest field, Burgan, continues to be operated by Chevron.
11. Abu Dhabi National Oil Co. – 2.9 m bpd
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.
12. Sonatrach – 2.7 m bpd
Most of the output from Algeria’s national energy company is in the form of natural gas, much of which Algeria exports to Europe.
13. Total – 2.7 m bpd
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.
14. Petrobras – 2.6 m bpd
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.
15. Rosneft – 2.6 m bpd
Sibling to Gazprom, Rosneft is Russia’s state-controlled oil company.
16. Iraqi Oil Ministry – 2.3 m bpd
Iraq will likely zoom up the ranks of the world’s biggest producers as its giant untapped fields come on line. Russia’s Lukoil’s contract with Iraq pays it just $1.15 per barrel extracted.
17. Qatar Petroleum – 2.3 m bpd
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.
18. Lukoil – 2.2 m bpd
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.
19. Eni – 2.2 m bpd
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. In Iraq Eni is expanding the giant Zubair field.
20. Statoil – 2.1 m bpd
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.
21. ConocoPhillips – 2 m bpd
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.
22. Petroleos de Venezuela – 1.9 m bpd
Known as Pdvsa, Venezuela’s oil company seemed to be the personal piggy bank of late President Hugo Chavez, who allegedly starved the company of capital to pay for social programs. Output is down 25% since 1998.
23. Sinopec – 1.6 m bpd
Sinopec is China’s biggest refiner. This year, Sinopec cut a sweeping shale venture with Devon Energy. Chairman Fu Chengyu was seen at at the NBA Finals as a guest of Oklahoma City Thunder owner, and Chesapeake Energy CEO, Aubrey McClendon. 24. Nigerian National Petroleum – 1.4 million barrels per day
24. Nigerian National Petroleum Corp. (NNPC) – 1.4 m bpd
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 Petroleum Minister, Diezani Alison-Madueke, shown here attending an OPEC meeting in Vienna.
25. Petronas – 1.4 m bpd
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.)
(Source: Forbes)
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