The World’s Biggest State Owned Oil Companies

The World’s Biggest State Owned Oil Companies

Government-controlled companies dominate the ranks of the world's largest energy producers. In fact, based on combined oil and gas production figures for 2014, 15 of the world's 20 biggest energy-producing companies are state-owned enterprises controlled by national governments. Four of the six biggest state-owned oil companies operate in the Middle East, a region long synonymous with state control of energy resources. Other state-owned oil giants are in Russia and China, as well as Latin America and Africa.

1. Saudi Aramco

The Saudi Arabian Oil Company, also known as Saudi Aramco, is the world's largest oil company. In 2014, it produced 9.5 million barrels of oil per day, more than twice the production of the next biggest producer. Saudi Aramco is controlled by Saudi Arabia's Ministry of Petroleum and Mineral Resources and the Supreme Council for Petroleum and Minerals.

2. Rosneft

Rosneft is Russia's biggest integrated oil and gas company, reporting oil production of about 4.1 million barrels per day in 2014. The majority of its oil production takes place in Russia, but the company also has ongoing exploration and production activities in the United States, Canada, Vietnam, Norway and Brazil, among other countries. As of 2015, the Russian government controls slightly more than 69.5% of the company's stock.

3. Abu Dhabi National Oil Company

Abu Dhabi National Oil Company (ADNOC) and its 15 subsidiary companies dominate upstream and downstream oil and gas activities in Abu Dhabi. As of November 2015, the company reports oil production of more than 2.7 million barrels per day. Much of its production is carried out under production-sharing agreements with international oil companies. ADNOC is fully owned by the state and operates under the direction of Abu Dhabi's Supreme Petroleum Council.

4. National Iranian Oil Company

The National Iranian Oil Company is responsible for all upstream operations in the oil and natural gas sectors and all downstream activities in the oil sector in Iran. The company is wholly owned by the state and operates under the direction of Iran's Supreme Leadership Council. The U.S. Energy Information Administration (EIA) puts total oil production in Iran at about 3.4 million barrels per day in 2014, marking a third consecutive year of depressed production caused primarily by international economic sanctions related to Iran's nuclear weapons program.

5. China National Petroleum Corporation

China National Petroleum Corporation (CNPC) is a state-owned oil and gas company with operations around the world. The company produced about 3.3 million barrels of oil per day in 2014, nearly 31% of it outside China. Much of CNPC's oil operations are organized under its subsidiary, PetroChina. CNPC controls more than 86% of PetroChina's shares.

6. Kuwait Petroleum Corporation

The state-owned Kuwait Petroleum Corporation (KPC) is responsible for carrying out Kuwait's oil policy as set by the country's Ministry of Petroleum and Supreme Petroleum Council. KPC and its network of subsidiary companies controls all upstream and downstream oil operations in the country. The EIA reported total Kuwaiti oil production of about 2.8 million barrels per day in 2014.

7. Petroleos de Venezuela

Petroleos de Venezuela S.A. (PDVSA) has dominated oil and gas production in Venezuela since the industry was nationalized in 1976. It controls the world's largest proven reserves of oil, which amounted to 298 billion barrels as of 2014. In April 2015, the company reported ongoing production of about 2.85 million barrels per day. More than a dozen international oil and gas companies maintain exploration and production operations in Venezuela under investment agreements with PDVSA.

8. Nigerian National Petroleum Corporation

The Nigerian National Petroleum Corporation (NNPC) is the biggest oil operator in Africa, reporting production of about 2.4 million barrels per day in 2014. The state-owned company and its subsidiaries regulate the Nigerian oil and natural gas industries and oversee upstream and downstream operational development. International oil companies work with NNPC under joint venture agreements and production-sharing contracts.