The 5 most influent oil companies in the world

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Actions to speed up the energy matrix

The quest for a cleaner global energy mix is a must that involves more and more names, in the most diverse segments of society. 

And, of course, naturally, the names involved in the construction of this current structure also need to rethink their practices concerning ESG (Environmental, Social and Governance), aiming to revert or mitigate the climate changes to which we have been subjected.

In this scenario, we will see what the biggest oil companies in the world have been doing to contribute towards a cleaner, more renewable energy mix.

Source: Exxon Mobil

The 5 biggest oil companies in the world

Although there are well-known and recurrent names among the most powerful ones in oil extraction, it is hard to stipulate with certainty an exact order of magnitude.

Given that, to talk about the biggest 5 in the segment, we have decided to consider their revenues in the last 12 months (considering the month of February/22), according to a survey made by Investopedia.

Thus, we have come to the following names:

  • 1st – Saudi Arabian Oil Co. (Saudi Aramco) (Tadawul: 2222)

Revenue (considering the last 12 months): $1.3 trillion

Considered one of the biggest global companies in all segments, it accumulates consecutive revenue records, which consolidates it as the biggest oil company in the world. 

A state company, Saudi Aramco is property of the Saudi Arabian government, where it is considered the main economic engine of the biggest oil exporter in the world. For comparison: its record profit registered in the second 2022 trimester is bigger than the GDP of more than half of the world’s countries.

  • 2nd – PetroChina Co. Ltd. (PTR)

Revenue (considering the last 12 months): $367 billion

  • 3rd – China Petroleum & Chemical Corp. (SNP)

Revenue (considering the last 12 months): $353.2 billion

  • 4th – Exxon Mobil Corp. (XOM)

Revenue (considering the last 12 months): $280.4 billion

  • 5th – TotalEnergies SE (TOT)

Revenue (considering the last 12 months): $184.6 billion

Source: Aramco

What have these major players been doing for the change in the energy mix?

Responsible for most of the global oil production, the main oil companies in the planet have been preparing themselves to work on a low carbon economy, making all the adjustments needed.

Among the main steps towards this goal are the use of technologies for emission reduction in their operations and the constant investments in renewable energy technologies, either to be used in the oil and gas chain itself or to position these companies in new clean energy businesses.

For example, during 2021, TotalEnergies SE, a French corporation fromour list, operated one of its biggest subsidiaries, Total Quadran, with the energy generated by 340 renewable energy plants—224 of them coming from solar power. Thanks to this initiative, a total of 130,000 tons of CO2 emissions have been avoided.

New paths and strategies

The diversification of the portfolios of provided businesses, which has led them to be identified as integrated energy companies, has also had a strong emphasis, especially in Europe and Asia.

In fact, speaking of Asia (where the top three of the list of biggest oil companies in the world are located), solar power generation projects have been widely developed—especially among Middle Eastern countries.

On the other hand, here in the Americas there is a strong engagement from companies and industries involving efforts for the decarbonization of their operations and value chains, in direct confrontation with the economic challenges.

And the giant Exxon Mobil has delved into this theme, and is aiming at some very interesting goals from a sustainable point of view: in December 2020, a very ambitious goal was announced, which consisted of reducing the intensity of gas emissions in 15 to 20% in the next five years—if compared to 2016 levels. All that while it continues to invest on low emission technologies, besides supporting “sound policies that put a price on carbon.”

To keep a close eye on which results will these strategies bring to the panorama of changes in the global energy mix, you can keep following our blog, since this is a theme to which Proper Marine is seriously committed.

Visit our website and get in touch with our professionals to learn more about our services and how we can help you with solutions in project engineering, and with naval and offshore consultancy.

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