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Top 10 Best Largest Oil Companies by Production Rate 2022 – Updated.
Largest Oil Companies by Production: Oil Production is one of the world’s major sources of energy. Making the largest oil companies by production double over the years. we have fully highlighted for you the top largest oil companies by production rate in 2022.
Top 10 Largest Oil Companies by Production
Below are the list of Top 10 Best Largest Oil Companies by Production:
1) Saudi Aramco–10,963,091bbl/day
The Saudi Arabian Oil Company,better known as Saudi Aramco. However, it is the world leader in oil production with a production rate of over 10 million barrels of oil per day (mbbl/day).
The company has the world’s second-largest proven crude oil reserves with 261.5 billion barrels of oil equivalent (BBOe). However, this accounts for about 10% of the world’s crude oil supply.
Saudi Aramco is also one of the largest and most profitable companies in the world. Furthermore, they have a net income of $111.1bn in 2018.
2) Rosneft – 42,17,780bbl/day
Russian integrated energy company Rosneft is the second-largest producer of oil in the world, as well as the world’s largest publicly-traded petroleum company, with a production rate of over 4.2mbbl/day.
The company’s proven hydrocarbon resources are around 41BBOe. Also, a number of exploration operations increasing Rosneft’s resources in recent years.
Rosneft is the third-largest company in Russia. They also account for over 40% of Russia’s crude and condensate production.
We expect these production levels to continue through to 2021, bolstered by a number of discoveries and projects launched in 2018.
3) KPC – 3,412,203bbl/day
The state-owned Kuwait Petroleum Company (KPC) is the third-largest producer of oil in the world, with a production rate of over 3.4mbbl/day.
The company produces approximately 7% of the world’s total crude oil, with proven reserves of about 111BBOe.
At the end of 2018, KPC announced an investment plan worth approximately $115bn, as part of its intention to increase oil production to 4mbbl/day by 2020.
4) NIOC – 3,256,486bbl/day
The National Iranian Oil Company (NIOC) is an important company in the oil and gas market despite US-imposed sanctions on Iran, with a production rate of over 3.2mbbl/day.
While the sanctions placed on Iran because of the country’s nuclear programme have deterred overseas investments in Iranian oil and gas.
However, the NIOC continues to invest in exploration projects to utilise the 200 undeveloped oil and gas fields in the country.
5) CNPC – 2,981,246bbl/day
The state-owned China National Petroleum Company (CNPC) is the largest producer of oil in East Asia, with a production rate of just under 3mbbl/day.
CNPC is also one of the largest oil and gas companies by revenue, with revenues of $326bn. The company ranked #4 in Forbes’ Global Fortune 500 from 2017-2019.
The company’s international diversification in recent years has contributed to its influence in the global energy market.
However, even with the ongoing trade dispute between China and the US.
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6) ExxonMobil – 2,294,701bbl/day
As a member of “Big Oil,” American energy company ExxonMobil is one of the world’s most influential companies. Also, the largest producer of oil in the US, with a production rate of 2.3mbbl/day.
ExxonMobil is also one the world’s largest companies by revenue, with revenues of $244.3bn.
The company has recently expanded its global portfolio through several overseas explorations. Also, production projects, in addition to increased production in the US.
7) Petrobras – 1,987,950bbl/day
Brazilian multinational Petroleo Brasiliero, better known as Petrobras, is the largest producer of oil in South America with a production rate of just under 2mbbl/day.
Petrobras is one of the most influential companies in the oil and gas industry, ranking at #73 in the 2018 Global Fortune 500.
While the company has struggled with corruption scandals and debt woes in recent years, Petrobras has shown signs of recovery. However, it is involved in several planned exploration and production projects.
8) ADNOC – 1,973,135bbl/day
With a production rate of just under 2mbbl/day, the UAE’s state-owned Abu Dhabi National Oil Company (ADNOC) is a significant player in the Organization of the Petroleum Exporting Countries (OPEC).
The company works with overseas contractors and multinationals to expand the UAE’s offshore industry.
Recently, this includes initiating exploration bidding rounds for blocks in the UAE. Also, awarding several contracts to develop offshore oil and gas in the country.
9) Chevron – 1,830,537bbl/day
American multinational Chevron was one of the “Seven Sisters” that dominated the global oil and gas industry from 1940-1970 and continues to be an influential company in modern markets, with a production rate of 1.8mbbl/day.
In April 2019 Chevron signed a deal to acquire hydrocarbon exploration company Anadarko for $50bn.
However, this merger deal is likely to be terminated following Occidental Petroleum’s acquisition of Anadarko in May 2019.
10) Pemex – 1,813,360bbl/day
State-owned petroleum company Petróleos Mexicanos. Better known as Pemex is one of the largest companies in Latin America with a production rate of 1.8mbbl/day.
Although Pemex has had problems with debt in recent years. However, the company has invested in several operations over 2018 to mitigate its financial woes and boost its crude output.
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