Top 10 Listed National Oil Companies in the World by Reserves
Saudi Arabian Oil Co, Gazprom, Rosneft Oil Co, Petroleo Brasileiro SA, and Oil and Natural Gas Corp Ltd are the top 5 listed national oil companies (NOCs) in the world by reserves. In aggregate, the top 10 national oil companies had reserves of 520,209 MMboe and generated revenues of $1,319,411 million with average revenue growth of 58.4%. 9 of the top 10 companies had a revenue increase in 2021 except Oil and Natural Gas Corp Ltd. In terms of the geographical split, 4 out of the world's top 10 listed national oil companies are based in Asia, while 3 are based in Europe, and the remaining 3 companies are based in South America. They employed a total of 1,403,504 people in 2021. Saudi Arabia-based Saudi Arabian Oil Co is the leading NOCs in the world by reserves. The company reported revenues of $400,864 million for the fiscal year ended December 2021 (FY2021), an increase of 74.4% over FY2020 due to increased global demand for crude oil. The company is a state-owned energy and chemical company. It carries out the exploration, production, and processing of crude oil and natural gas, refining, fractionation of natural gas, production of petrochemicals, and distribution of petroleum products and natural gas. The company operates wholly-owned domestic refineries and has interests in joint venture refineries with international partners. Saudi Aramco operates through a network of pipelines, bulk plants, air refueling sites, and terminals. The company employs 66,800 people. Petroleo Brasileiro SA (Petrobras) is another leading NOCs in the world by reserves. The company reported revenues of $83,908 million for the fiscal year ended December 2021 (FY2021), an increase of 66.4% over FY2020. Petrobras is an integrated oil and gas company that carries out upstream and downstream operations. The company has interests in the exploration, development, and production of oil and gas; refining, transport of fuel, biofuel, petrochemical, and electricity businesses. Petrobras operates through three reportable segments, Exploration and Production; Refining, Transportation & Marketing; and Gas & Power. Corporate and other business includes distribution and biofuel activities. The company plans to invest US$68 billion between 2022 and 2026. The company had more than 65 subsidiaries by the end of FY2021.