In 2007, The Financial Times ranked seven companies, known as “the New Seven Sisters” according to resource base, level of output, company’s ambition, scale of domestic market, and influence in the industry. In order of prominence, they are Saudi Aramco, Russia’s Gazprom, CNPC of China, NIOC of Iran, Venezuela’s PDVSA, Brazil’s Petrobras and Petronas of Malaysia.
These seven companies together control about 1/3 of the world’s oil and gas production and reserves. In contrast, the U.S./European companies Exxon, BP, Royal Dutch Shell, and Chevron combined control only three percent of reserves and account for 10% of production.
Saudi Aramco is the state-owned national oil company of Saudi Arabia. It is the largest oil corporation in the world with the largest proven crude oil reserves and production. Headquartered in Dhahran, Saudi Arabia, Saudi Aramco also operates the world’s largest single hydrocarbon network, the Master Gas System.
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