2013 Ranking of the World's Biggest Oil Companies - Forbes

by David Rachovich

World's Top 20 Oil Companies 

Rank 2013	Rank 2003	Company	Production Volumes (in million barrels of oil equivalent – BOE - per day)* 2013 ranking	Production Volumes (in million barrels of oil equivalent – BOE - per day)* 2003 ranking
1.	1.	Saudi Aramco (Saudi Arabia)	12.7	9.9
2.	2.	Gazprom (Russia)	8.1	9.5
3.	3.	NIOC (Iran)	6.1	4.9
4.	4.	ExxonMobil Corp. (USA)	5.3	4.6
5.	N/A	Rosneft (Russia)	4.6	N/A
6.	6.	Royal Dutch/Shell (NL/UK)	4.0	4.1
7.	9.	PetroChina (China)	3.9	2.5
8.	5.	Pemex (Mexico)	3.6	4.2
9.	8.	Chevron Corp. (USA)	3.5	3.2
10.	12.	KPC (Kuwait)	3.4	2.3
11.	7.	BP (UK)	3.1	3.9
12.	10.	Total (France)	2.6	2.4
13.	N/A	Petrobras (Brazil)	2.5	~1.5
14.	N/A	QP (Qatar)	2.4	1.4
15.	14.	ADNOC (UAE)	2.4	1.82
16.	15.	Lukoil (Russia)	2.3	1.8
17.	20.	MoO (Iraq)	2.22	1.6
18.	11.	Sonatrach (Algeria)	2.19	2.36
19.	18.	PDVSA (Venezuela)	2.1	1.6
20.	19.	Statoil (Norway)	2.0	1.6

*Working interest production volumes calculated by Wood Mackenzie reflects oil plus the energy equivalent in natural gas.

Source: Christopher Helman, "The World's Biggest Oil Companies  2013," Forbes, November 17, 2013

(Please see my previous post: "Mid 2012 Ranking of the World's Biggest Oil & Gas Companies -- Forbes." Also, please see the world's largest oil and gas companies by oil and gas production, oil and gas reserves, product sales and refinery distillation capacity, i.e., PIW rankings: "Energy Intelligence announces the PIW Top 50 ranking of the world's largest oil companies." And the PFC Energy ranking of the biggest publicly-traded energy companies, based mainly on capital market performance: "PFC Energy 50 Ranking of World’s Top Energy Companies." Furthermore, please see Platts Top 250 Global Energy Company Rankings/my post incl update, which reflect fiscal year financial performance of companies in four key areas: asset value, revenues, profits and return on invested capital/ROIC. -- D.R.)

Energy Intelligence announces the PIW Top 50 ranking of the world's largest oil companies

Energy Intelligence via PR Log (Press Release), Nov. 18, 2013

Russia and US Shale Reshape Latest Annual Ranking of the World’s 50 Largest Oil Companies from Petroleum Intelligence Weekly. [Read more]

Please see  http://www2.energyintel.com/PIW_Top_50_ranking_about and the EI infographic below:
Source: www.energyintel.com
Note: The share permission provided by Helen Reddick, Database and Marketing Manager, Energy Intelligence

(The ranking is based on six operational criteria - oil and gas reserves, oil and gas production, refined product sales and refinery distillation - and, unlike other corporate ranking systems in this industry, it allows for comparisons of both national oil companies and private sector firms. These Top 50 companies represent over 70% of global oil production and fully two-thirds of global refined product sales, making these rankings truly comprehensive and global. The rankings are based on 2012 data, the latest annual figures available - my emphasis, D.R.)   

OPEC Expects North American Shale Oil Output to Jump

by Benoit Faucon, WSJ, Nov 8, 2013

Two years after dismissing North America's shale-oil boom as "marginal," OPEC changed its tune Thursday acknowledging, the new extraction technology could sharply cut the need for the group's own oil. According to the organization's annual World Oil Outlook, technological advancements in oil exploration will sharply boost supplies and cut global crude oil needs by 1 million barrels per day over the next five years. The report also found that new supplies of oil from the U.S. and Canada would reach 4.9 million barrels per day by 2018. That was more than double last year's forecast of 1.7 million barrels per day by 2018.
[Read more]

(A brief summary made available from SmartBrief  - D.R.)

API urges speedy approval of U.S. LNG exports

by Zachary Cikanek, API, Nov 15, 2013

API Director of Upstream and Industry Operations Erik Milito welcomed today’s authorization by the Department of Energy for exports from the Quintana Island, Texas liquefied natural gas (LNG) facility and urged the agency to quickly process the remaining 21 applications:

“LNG exports will significantly reduce our trade deficit, grow the economy, and support thousands of U.S. jobs. The DOE has every reason to quickly approve these applications, and we’re pleased that they seem to be moving ahead. The shale revolution -- sparked by U.S. innovations in hydraulic fracturing -- has positioned America to play a leading role in the global energy trade, and we must work fast to secure a competitive position in the international market. We continue to urge Energy Secretary Moniz to oversee speedy review and approval of the remaining U.S. LNG export permit applications.”
[Read more]

U.S. Considers Exporting More Oil for First Time Since ’70s

by Jim Efstathiou Jr. & Jim Snyder, Bloomberg, Jun 18, 2013

The U.S. oil boom is moving Congress closer than it has been in more than three decades to easing the ban on exporting crude imposed after the Arab embargo.

 

Advances such as hydraulic fracturing are leading to record production that may outstrip refinery capacity within 18 months to three years, said Benjamin Salisbury, a senior energy policy analyst at FBR Capital Markets Corp. in Arlington, Virginia. Net petroleum imports now account for about 40 percent of demand, down from 60 percent in 2005, according to the U.S. Energy Information Administration, the Energy Department research unit.

Congress has limited oil exports since the 1973-74 Arab oil embargo triggered shortages that pushed up prices and led to long lines at gas stations. An increase in domestic production last year by a record 766,000 barrels a day [please see my remark below - D.R.] is challenging a notion that Americans need foreign oil, while setting up a debate policy makers may be reluctant to begin.

“Americans are unbelievably politically sensitive to oil and more specifically to gasoline prices,” Salisbury said in an interview. “For politicians to do anything, the pain has to come first. You have to see the rig count fall and then and only then can we have a decision about whether we want to export crude.”  [...]

The U.S. sends about 120,000 barrels of crude a day to Canada under a Commerce Department license. Congress allows exports from Alaska’s Cook Inlet and for consumption in Canada, along with sales determined by the president to be in the national interest.

Exports must expand to sustain the boom that increased U.S. production last year by the most since the first commercial well was drilled in 1859, said Robin West, chairman of the oil consulting firm PFC Energy. Output is putting the nation on pace to surpass Saudi Arabia as the world’s largest producer by 2020, according to Energy Department data. [...]

The oil rush, spurred by technology that makes it cheaper and easier to extract oil from rock formations, has boosted U.S. stockpiles of light, sweet crude, which is less costly to process than high-sulfur grades pumped by Saudi Arabia and Venezuela, making it more profitable for export. Landlocked by the ban and limits on transportation, U.S. light oil trades at a discount to the European blend that sets prices for more than half the globe’s oil.

“If you have an opportunity to export the more expensive product and import the cheaper one, why not do it,” John Felmy, chief economist with the Washington-based American Petroleum Institute, said in a telephone interview. “It’s something that we as a country need to take a look at.”

Still, Americans may balk at the idea of sending oil overseas because they’re concerned it may lead to higher gasoline prices, said David Goldwyn, president of Goldwyn Global Strategies LLC, a Washington-based energy consultant. [Read more]

(According to EIA data, U.S. crude oil production, including lease condensate, increased from 5.652 million barrels a day in 2011 to 6.505 million barrels a day in 2012, i.e., an increase of 853,000 barrels a day in just one year - the largest single-year increase in U.S. oil production ever recorded!---please see here - D.R.)

BP: US oil production growth hit record-high in 2012

by Conglin Xu, OGJ, June 12, 2013

The US recorded the largest single-year increase in oil production in 2012, according to the BP Statistical Review of World Energy. The review, released June 12 [2013], was the company’s 62nd annual report.

Backed by increasing production of unconventional oil and gas, the US recorded the highest growth in both oil and natural gas output in 2012, BP said. Meanwhile, coal consumption in the US experienced the largest decline in 2012 as it was displaced by less-expensive natural gas in electric power generation.

According to BP, world nuclear output recorded the largest annual decline in 2012. After 2011’s Fukushima accident, “higher imports of fossil fuels including [LNG] kept the lights on” in Japan. Due to higher natural gas prices in Europe, power generators substituted coal for gas—an opposite course from the US. [...]

World [primary - D.R.] energy consumption also dropped to 1.8% in 2012, down from 2.4% the previous year, BP reported. The decline was attributable to the economic slowdown as well as improved energy consumption efficiency due to high prices. As the major source of demand growth, emerging countries accounted for 56% of global consumption, up from 42% just 20 years ago.

Global oil consumption increased by 890,000 b/d, 0.9% below the historical average. OECD consumption declined by 1.3% (530,000 b/d) and non-OECD consumption grew by 3.3% (1.4 million b/d).

Global oil production climbed by 1.9 million b/d. Despite a decline in Iranian output due to international sanctions, OPEC contributed to about three quarters of the global increase. [Libyan production recovered strongly after the sharp drop in output in 2011, and Saudi Arabia, the UAE, and Qatar all produced at record levels - D.R.]. Non-OPEC production grew by 490,000 b/d [revised figure 440,000 b/d, according to BP data - D.R.] with increases in the US, Canada, Russia, and China.

BP’s review also stated that world natural gas consumption grew by 2.2%, below the historical average of 2.7%. [Read more]

(Please see BP Statistical Review of World Energy June 2013 - D.R.)

World's Top 25 Crude Oil Producers, 2010-2012 -- EIA

by David Rachovich

Production of Crude Oil including Lease Condensate (Thousand Barrels Per Day), 2010-2012 – EIA  

Rank	Country	2012	Share of total	2011	2010
1.	Russia	9,922	13.1%	9,774	9,694
2.	Saudi Arabia*	9,832	13.0%	9,458	8,900
3.	United States	6,474	8.6%	5,662	5,479
4.	China	4,129	5.5%	4,059	4,078
5.	Iran*	3,367	4.5%	4,054	4,080
6.	Canada	3,117	4.1%	2,904	2,732
7.	Iraq*	2,983	3.9%	2,626	2,399
8.	United Arab Emirates*	2,804	3.7%	2,679	2,415
9.	Kuwait*	2,635	3.5%	2,530	2,300
10.	Mexico	2,589	3.4%	2,596	2,621
11.	Nigeria*	2,520	3.3%	2,550	2,455
12.	Venezuela*	2,300	3.0%	2,300	2,216
13.	Brazil	2,061	2.7%	2,105	2,055
14.	Angola*	1,817	2.4%	1,786	1,939
15.	Norway	1,607	2.1%	1,752	1,869
16.	Algeria*	1,532	2.0%	1,540	1,540
17.	Kazakhstan	1,514	2.0%	1,553	1,525
18.	Libya*	1,367	1.8%	465	1,650
19.	Qatar*	1,216	1.6%	1,296	1,127
20.	Colombia	944	1.2%	914	786
21.	Azerbaijan	934	1.2%	983	1,035
22.	Oman	919	1.2%	886	865
23.	United Kingdom	881	1.2%	1,026	1,233
24.	Indonesia	855	1.1%	918	953
25.	India	777	1.0%	782	751
OPEC**		32,877	43.5%	31,784	31,507
All Countries (World)		75,553	100.0%	74,144	74,074

 

*OPEC member. Data for Kuwait and for Saudi Arabia each include one-half of the production in the Kuwait-Saudi Arabia Neutral Zone.

**OPEC total includes also Ecuador's production of 504,000 barrels of crude per day in 2012; 500,000 in 2011; and 486,000 in 2010.

Source: U.S. Energy Information Administration (EIA), International Energy Statistics, here

 

(Figures above may be updated at any time by EIA. Also, please see: "World's Top 23 Crude Oil Producers, November 2011 (including OPECproduction) - EIA," and "World's Top20 Crude Oil Producers, Nov. 2010 – EIA." -- D.R.)