Find out about “Biggest Oil Companies In The World” –
Like many other companies, Biggest Oil Companies in the World are also facing the challenges caused by COVID-19. There has been an enormous decrease in the demand for oil due to this pandemic.
The factors affecting them are:
- Environmental concern
- Rise of renewable energy demands
- High prices of oil
- Limited availability
These are some of the problems the industry was facing before COVID-19 but still earning in billions. Its demand was still very high. And it looked like it will take years to change.
Yet, as the pandemic arrived, it increased the pace of their troubles. And now these Oil companies are facing worse times. Their future seems to bother unless these companies adapt to the changing energy mediums. Let us first explore the Biggest Oil Companies in the World and think of their future.
Which are the Biggest Oil Companies in the World?
The Biggest Companies of oil by the total revenue they earn are:
- Royal Dutch Shell PLC: 42,156million dollar
- Saudi Arabian Oil Co. (Saudi Aramco): 37,479million dollars.
- Ltd: 31,415million dollars.
- China Petroleum & Chemical Corp: 26,398 million dollars.
- BP PLC: 21,367 million dollars.
- Total SE: 18,122 million dollars.
- China Chevron Corp: 15,933 million dollars.
- Exxon Mobil Corp: 13,434 million dollars.
- Petronas: 12,049 million dollars.
- ADNOC: 10,763 million dollars.
These Companies are still in crisis due to this pandemic. How they overcome all the problems in the future depends on the decisions they make now.
Biggest Oil Companies in the World: What are the services they provide?
- Royal Dutch Shell PLC:
It does work on
- Production
- Refining
- Transport
- Distribution and marketing of oil
- Biofuels
- Hydrogen
- Wind
- Saudi Arabian Oil Co. (Saudi Aramco):
It is
- World’s second-largest crude oil reserves
- A leading producer of LNG.
It also ships
- Crude Oil
- Refined Oil
- Natural Gas
- Petro China Co. Ltd:
Their main work is in:
- Exploration
- Production
- Refining and chemicals
- Natural Gas and Pipelines
- China Petroleum & Chemical Corp: Some of its products are:
- Fuel card
- LPG
- Natural Gas
- Chemical sales CRM
- BP PLC:
The services supplied by them are:
- BP gas/petrol stations
- Lubricants
They also provide
- Heat
- Light
- Mobility
- Total SE: They work in fields
- Exploration and Production
- Renewable and Power
- Refining and Chemicals.
- China Chevron Corp: Their work includes
- Petroleum Exploration and Production
- Additives
- Fuels and Lubricant Marketing
- Exxon Mobil CorpChina: They work in China in
- Upstream
- Downstream
- Integrated downstream
- Chemical Major Growth Venture(MGV)
- Petronas: They carry
- Upstream Exploration of oil and gas
- Petrochemical production and marketing
- Automotive Engineering
- ADNOC: It works on
- Both on-shore and off-shore gas fields
- Local electricity
- Supplier of base oils used in lubricants
Biggest Oil Companies in the World: How will they survive?
These oil giants are facing a crisis because of the pandemic. The crucial points for their survival are:
- Adopting Newer ways of making energy
- Planning business in various other fields
- Investing wisely in projects along with saving the environment
The Biggest Oil Companies in the World already know what can work best for them. Still, in these times, they need to be more cautious and adopt change. They can manage to keep on growing by facing the challenge for their survival positively.
FAQ
Why are prices of oil increasing so much?
The main reason for the rise in the cost of oil is its high demand everywhere.
Is oil going to disappear in the future?
Yes, as it is a non-renewable source of energy, it will become rare.
Why is the world not shifting totally towards renewable sources of energy?
If we shift totally towards renewable sources, our energy needs will not meet our requirements.