Top 10 oil and gas companies in the world
10: LukOil (Russia)
- Revenue: $90.4 billion
- Market Value: $36.8 billion
Founded in November 1991, LukOil is headquartered in Moscow, Russia and employs over 110,000 people from all over the world. It specialises in the exploration, production, refining, marketing, and distribution of oil. The business is divided into four core sections: Exploration and Production; Refining, Marketing and Distribution; Petrochemicals and Power Generation.
The company has over $69 billion in assets and has spent more than $1.4 billion on exploration.
LukOil has also spent over $1.5 billion on environmental security, focussing on utilising its APG (associated petroleum gas), reducing pollution levels in the atmosphere, decreasing contaminated lands and waste water discharge.
9: Reliance Industries (India)
- Revenue: $42.2 billion
- Market Value: $50.6 billion
Reliance Industries is an Indian company founded by Dhirubhai Hirachand Ambani in 1966. The company is headquartered in Mumbai, has over $91.54 billion dollars in assets and employs more than 23,853 people.
It specialises in the exploration and production of oil and gas, petroleum refining and marketing textiles, retail and special economic zones. The company is also involved in the marketing of petrochemicals, polyester, plastics and chemicals.
The company has won a large number of awards such as (most recently) the ‘Sustainable Plus Platinum Award’ awarded in 2016 by the Confederation of Indian Industries.
Reliance Industries is also very popular on social media with over 2.3 million likes on Facebook and 31,200 Twitter followers.
8. Rosneft (Russia)
- Revenue: $80.8 billion
- Market Value: $51.1 billion
Rosneft is a Russian oil and gas operations company, founded in 1993 and headquartered in Moscow. It is not just one of the largest oil and gas companies in Russia, but also one of the largest public oil and gas companies on earth with over $139 billion in assets.
The company employs over 48,000 people and its largest shareholder is ROSNEFTEGAZ OJSC which owns 69.50 percent of the equity.
7. Gazprom (Russia)
- Revenue: $102.1 billion
- Market Value: $57.1 billion
Gazprom employs more than 449,000 people and has assets worth $250.24 billion. The company, which was founded in 1989, is headquartered in Moscow.
The company is involved with the geological exploration, production, transportation, storage, processing and marketing of gas and other hydrocarbons and it has the world's richest reserves of natural gas.
Gazprom has a gas transmission system which is more than 171,000 kilometres long. This makes it the largest gas transmission system on the globe.
6. Royal Dutch Shell (Netherlands)
- Revenue: $264.9 billion
- Market Value: $210 billion
Royal Dutch Shell was founded in February 1907 and is headquartered in The Hague, Netherlands.
The company’s assets are worth over $340 billion and it operates in more than 70 countries. The bussinessess CEO is Ben van Beurden.
The company has employees in excess of 93,000 people on average and it produces the equivalent of three million barrels of oil every day.
Employees that work at Shell work on some of the most innovative energy projects on the globe such as the world’s deepest offshore oil and gas field and the largest floating liquefied natural gas production facility.
The company invested over $1.1 billion in investment in research and development in 2015.
5. Sinopec (China)
- Revenue: $283.6 billion
- Market Value: $89.9 billion
Sinopec was founded in December 2000, is headquartered in Beijing, China and currently employs over 78,000 people.
The company manufactures chemicals and petrochemical products. The business runs by working through five sections, these are: Polyester Chips, Bottle-Grade Polyester Chips, Staple Fibre and Hollow Fibre, Filament and Purified Terephthalic Acid.
4. Total (France)
- Revenue: $143.4 billion
- Market Value: $121.9 billion
Total was founded in March 1924 and is headquartered in Courbevoie, France. The company’s CEO is Patrick Pouyanné.
Total is known for its exploration, development, production and marketing of oil and gas. As of May 2016, the company has had more than $143.36 billion in sales and it employs over 96,000 people.
The business is split into three sections in which it operates, these are: Upstream, Refining & Chemicals, Marketing & Services.
The company has assets worth over $224.48 billion.
3. Chevron (United States)
- Revenue: $129.9 billion
- Market Value: $192.3 billion
Chevron was founded in 1906. It is an energy company which offers administrative, financial, management and tech support to the United States and other international subsidiaries that engage in fully integrated petroleum operations, chemicals operations, mining operations, power generation and energy services.
The company has over $266.1 billion in assets, $129.87 billion in sales and is headquartered in San Ramon, California. The company employs over 61,000 people.
“Our success is driven by our people and their commitment to getting results the right way – by operating responsibly, executing with excellence, applying innovative technologies and capturing new opportunities for profitable growth.”
2. Petro China (China)
- Revenue: $274.6 billion
- Market Value: $203.8 billion
Petro China is involved in the exploration, development, production and sale of crude oil and natural gas. The business is also involved in the refining of crude oil and petroleum products, production and marketing of primary petrochemical products, derivative chemical products and other chemical products.
The company was founded on the 5th of November, 1999 and is headquartered in Beijing, China. It employs over 851,000 people and has more than $368.69 billion in assets. Petro China’s Chief Executive Officer is Wang Dongjin.
1. Exxon Mobil (United States)
- Revenue: $236.8 billion
- Market Value: $ 363.3 billion
Exxon Mobil was founded by John D. Rockefeller in 1882 (making it the oldest company on our list) and is headquartered in Irving, Texas.
Exxon Mobil Corp is involved in the exploration, development, and distribution of oil, gas, and petroleum products. It operates through three main sections, these are: Upstream, Downstream, and Chemical.
The company employs over 75,000 people and (in 2015) had sales of over $236.81 billion and profits of over $16.15 billion. Exxon Mobil currently has assets worth $336.76 billion.
“Over the last 125 years, ExxonMobil has evolved from a regional marketer of kerosene in the United States to the largest publicly traded petroleum and petrochemical enterprise in the world. Today we operate in most of the world's countries and are best known by our familiar brand names: Exxon, Esso and Mobil. We make the products that drive modern transportation, power cities, lubricate industry and provide petrochemical building blocks that lead to thousands of consumer goods.”
Read the March 2017 edition of Energy Digital magazine
Technology revolution for water retailers
In April 2017, the UK’s water retail market in the world opened for business – the single biggest change to the water sector since privatisation. This development allowed businesses, charities and public sector organisations to shop around for the best deal.
However, like any industry, this change hasn’t been without its sticking points; here, Paul Williams, CTO at Everflow Tech (pictured far right), discusses how retailers can harness technology to their advantage
Quotations could take up to a week to produce, billing software had to be manually updated and brokers were unable to manage the complete customer journey in one place – all of which took time, cost money and allowed for human error.
The more complexity that was involved in billing or quoting, the more contact end customers needed to have with their retailers, pushing up the cost to serve for every SPID. This meant retailers – ourselves included – found themselves in a situation where profits were simply eaten up by service costs.
We also note that it can traditionally be hard for retailers to stay on top of balancing what they are charging their customers with what they are being charged by the market. To further exacerbate this, the longer a change goes unnoticed, the more trouble it can be to balance the issue.
It was these issues that Josh and his (at the time) small team wanted to ameliorate, creating their own technology in the absence of anything else.
This technology evolved into our award-winning retail sales, billing and customer management platform for the water retail market, and Everflow Tech was launched as a standalone venture in 2018, selling the software externally for other water retailers and their customers to benefit from.
What retailers want
As a relatively new entrant to the world of utilities competition, the water market could be seen to be lagging behind, particularly when it comes to innovation.
In fact, as recently as 2019, Ofwat said it expected the industry to be making technological advances and to be working with a culture of innovation, collaborating with companies both within and outside of the sector.
And with cost-savings for consumers traditionally lower than for other utilities, retailers need to be offering something more – whether that’s better support, energy-efficiency advice or more accurate data.
What’s more, consumers have had a taste of the power of technology, and they’ve come to expect nothing less from retailers across the board.
Another key issue – thrown into sharp relief during the past 12 months (and counting) of a pandemic – is rising levels of arrears, which are likely to increase bad debt beyond margins that retailers originally allowed for when the market was created.
In such a low-margin industry, there is a limit to the amount of debt retailers can take on, especially as recovering costs can be a very slow process. Ofwat has signalled that this issue could be addressed as early as this year, with a mechanism for recovering bad debt to be established during 2021/22.
The market needs simple solutions to better serve the end user, and we were perfectly placed to develop those solutions. At Everflow, our software is designed for the water retail market, by the water retail market.
As well as simple billing, clear-to-understand workflows, and a revenue assurance system to allow retailers to quickly compare market charges, Everflow has also introduced a complete debt solution, allowing missed payment dates to drive late payment charges and escalations automatically.
Retailers are able to design and put out their own bill and quotes, tailoring customer journey and overall experience – whatever the circumstances.
What does the future hold?
Automation is key to any industry; we’re heading into an age of driverless cars and smart homes, and this drive for tech will filter through to our industry, and we need to catch up.
The Internet of Things – a network of physical objects connected to each other – means human error (and effort) can effectively be removed from many everyday tasks, which goes for meter readings too. However, in the 21st century, the water market is still not leveraging previously emerged technology in the form of smart meters to provide accurate billing.
Consumers are also becoming more empowered, both to ask for information and change their preferences if they don’t like what they learn. Retailers need to be armed with this information, not next week, not tomorrow, but now – and, at Everflow Tech, we’re putting that information at their fingertips.
But the retailers themselves need to speak up too, and we will always work with them to get the best ideas on what needs to be developed and when.
Our strong bond with Everflow Water, along with other key customers, means we have a direct interest in making sure our systems serve the water market in the best way they can.
For us, the goal is to make sure retailers on our platform can grow as much as possible, leaving behind laborious daily processes to focus on their own strategic growth and, most importantly, helping their customers.