Top Oil Companies
Crude oil is an essential fuel source that is used by us daily. The transportation sector is highly dependent on this fossil fuel and the demand for crude oil is increasing due to this sector. Oil companies otherwise known as petroleum companies have contributed to a large extent in the growth of global economy. These companies play a major role in bringing revenue to the nation and they also provide lot of employment opportunities. There are numerous Oil companies throughout the world and the number of companies has expanded due to the advancement in technology and the huge revenue that can be earned in the oil business. With the implementation of state of the art technology, Oil companies have managed to minimize exploration and extraction costs in case of unconventional reserves.
The Top ten Oil companies include Exxon Mobil, Chevron, Shell, ENI, Texaco, Arco, British Petroleum,
Elf Aquitaine, Repsol, and Petro Fina. The National Oil Companies (NOC) and the International Oil Companies
(IOC) play a major role in the oil market. National oil companies own the Majority of the world's crude oil reserves
and they are also the largest suppliers of the fuel source. 17 out of 20 leading companies worldwide are National oil
companies (NOC). These companies are either partially or fully owned by national government and some of the major
national oil companies comprise of Petronas, Aramco, ONGC, National Oil Corporation and so on. Besides developing
the economy of the nations, Top Oil companies help in fostering good relationship among countries through
imports and exports of the essential energy source.
The International oil companies are privately owned companies. Exxon Mobil, Shell and British Petroleum are the global leaders among the International oil companies. The production quota for the Oil companies is determined by the Organization of the Petroleum Exporting Countries (OPEC). Crude oil, natural gas and coal are the three major energy sources that are used in abundance throughout the world. The demand for crude oil is increasing in developing nations such as China and India. The global Oil companies are looking for new ways to meet the increasing demand. The National oil companies and the International oil companies deploy the available reserves to meet the demand for crude oil and the International oil companies have become successful in tapping the unconventional reserves to meet the growing demand.
The oil companies have numerous strategies and policies, which have a great impact on the crude oil or petroleum sector. Some reserves may be unreachable due to various economical and risk factors. Exploring, drilling oil wells and extracting oil are not easy and moreover these processes are time consuming. To complete the entire production process, it takes months and sometimes it may even take years. The International companies have started deploying the unconventional reserves combining their expertise and experience with the latest drilling techniques, which are cost effective and helpful in meeting the growing demand for crude oil, especially in the developing countries. Thus modern techniques have helped the Oil companies in eliminating the risky and economical barriers in tapping crude oil.