The 15 largest private oil companies in the world

In this article, we will discuss the 15 largest private oil companies in the world. You can skip our industry overview and go straight to the 5 largest private oil companies in the world.

Oil is an essential resource that powers industries and economies around the world. The industry is dominated by large multinationals such as Exxon Mobil Corporation (NYSE:XOM), BP plc (NYSE:BP), Shell plc (NYSE:SHEL) and Chevron Corporation (NYSE:CVX) which account for a significant stake in the global oil production. However, there are also numerous smaller public and private companies involved in various aspects of the oil industry. The integral role it plays in a country’s overall economy is why many countries have nationalized their oil sectors to exert more control over oil reserves. Some of the largest state oil companies are PetroChina, Rosneft and Petroleos de Venezuela.

Russia’s war against Ukraine sent global oil prices higher on oversupply concerns. As European countries looked for alternatives to their energy imports and the West imposed sanctions on Russia, markets soon realized that given Russia is a major oil producer, there could be a supply shortage in the market. Therefore, in 2022, the Brent oil price crossed the $100 mark for the first time since 2014. However, with the start of the Fed’s rate-hiking cycle and a slowdown in the global economy, oil demand has slowed in recent months, falling below $100 in 2023. However, with China opening up and COVID restrictions easing, global oil demand is expected to slow in will gain strength in the near future.

According to the IEA, global oil demand is expected to increase by 1.9 mb/d to reach a total of 101.7 mb/d in 2023, with a significant chunk of growth coming from China following the easing of Covid-related restrictions. On the other hand, global oil supply growth is expected to slow to 1 mb/d after last year’s 4.7 mb/d growth led by OPEC+. OPEC has also raised its forecast for global oil demand growth in 2023, mainly due to the easing of COVID-19 restrictions in China. According to OPEC, Chinese demand will grow by 590,000 barrels per day in 2023. The supply side is expected to remain tight in 2023 as the organization reduces its supply forecasts for non-OPEC producers, which could lead to a tighter market and support oil prices.

The story goes on

The 15 largest private oil companies in the world

Photo by Zbynek Burival on Unsplash

The Renewable Energy Factor

The global oil and gas industry is undergoing a major transformation driven by climate change. According to BP, global oil demand is expected to peak in the 2030s as Russia’s invasion of Ukraine accelerated efforts towards sustainable and clean energy. Governments around the world are now trying to improve energy security by increasing the share of renewable energy in their energy mix.

Due to the implementation of supporting policies, F&V companies have been able to increase their investments in clean energy, which is expected to accelerate the clean energy transition. The United States passed two laws between 2020 and 2022, namely the Infrastructure Investment and Jobs Act (IIJA) and the Inflation Reduction Act, which earmark approximately $450 billion for clean energy and related investments. In addition, the Securities and Exchange Commission (SEC) has proposed rules that would require companies to disclose their issues in their SEC filings. In addition, the European Commission has approved two plans, namely the “Fit for 55” climate package and the European REPowerEU plan, which together provide nearly €300 billion in provisions for the clean energy transition and reducing emissions.

Our methodology

To determine the top 15 private oil companies in the world, we identified the largest oil companies in major economies and ranked these companies in ascending order of annual revenue. Our list includes companies that are unlisted and held by private individuals/corporations. Our list also includes state-owned companies. We sourced sales data from several websites including Fortune 500 and Statista.

Largest private oil companies in the world15. Oman Oil Marketing Company

Annual sales 2021: $22.70 billion

Oman Oil Marketing Company is a state-owned energy investment company that operates in 17 countries around the world. The Company’s business units include Upstream, Downstream, Commercial and Alternative Energy segments. The Oman Oil Marketing Company serves a variety of industries with its products, including food, agriculture, packaging, construction, functional fluids, automotive, medical supplies and personal care. The Company offers a wide range of petrochemicals and petroleum products including various polymers, chemical intermediates, derivatives and refined products. The company markets its fuels and chemical products in more than 60 countries around the world.

Along with Oman Oil Marketing Company, China National Petroleum Corporation, Sinopec Group and Reliance Petroleum are included in our list of the 15 largest private oil companies in the world.

14. Surgutneftegaz

Annual sales 2021: $25.60 billion

Surgutneftegaz is a Russian oil and gas company formed by the merger of formerly state-owned companies with significant oil and gas reserves. The Company is engaged in both upstream and downstream segments of the oil and gas industry, including exploration, production, refining and marketing of oil, gas and its products. The company’s distribution network includes 5 subsidiaries that manage wholesale, retail and storage of petroleum products and provide other services at gas stations.


Annual sales 2021: $26.40 billion

CEPSA is a multinational oil and gas company based in Spain. The company is also present in other countries, including the United Arab Emirates, Algeria, Colombia and Peru. CEPSA’s major businesses include exploration and production, chemicals, commercial and clean energy, trading and sustainable mobility. CEPSA is transforming its refineries to reduce its carbon footprint and develop new eco-friendly products.

12. Petro-Vietnam

Annual sales 2021: $27.10 billion

Petrovietnam is an oil and gas company in Vietnam engaged in oil and gas and renewable energy sectors. The Company’s principal business activities include petroleum exploration, production, petrochemicals, refining, gas industry and technical services. Petrovietnam also generates electricity from non-renewable and renewable energy sources. With a total installed capacity of 5405 MW (megawatts), the company operates 4 gas-fired power plants, 2 coal-fired power plants and 2 hydroelectric power plants.

11. CPC Corporation

Annual sales 2021: $30.02 billion

CPC Corporation is a Taiwan-based state-owned petroleum company. Due to Taiwan’s limited natural resources, CPC Corporation relies on imports and overseas operations to meet its fossil fuel needs. In 2021, CPC Corporation was involved with international oil majors in 10 oil and gas exploration and production projects in 8 countries. Currently, upstream operations include both onshore and offshore oil and gas fields in Taiwan and other countries. CPC Corporation operates two refineries in Taiwan with a total refining capacity of 600,000 barrels per day of crude oil. Other downstream operations include petrochemical refining and production, imports, marketing, storage and transportation operations.

10. GS Caltex Corporation

Annual sales 2021: $30.18 billion

Headquartered in South Korea, GS Caltex Corporation is an oil refinery jointly owned by GS Group and Chevron Corporation (NYSE:CVX). With a daily refining capacity of 800,000 barrels, the company refines 80 grades of crude oil, which it imports from approximately 30 countries in the United States, Europe, the Middle East, Australia and Southeast Asia. These products are supplied to around 2,400 service stations, 400 service stations, factories, and airline and rail operators in Korea.

9. Sonatrach Petroleum Corporation

Annual sales 2021: $34.50 billion

Sonatrach Petroleum Corporation is a state-owned oil company based in Algeria. The company’s product range includes kerosene, gasoline, distillate and residual heating oils and lubricants. Sonatrach Petroleum Corporation also provides marine services through its wholly owned subsidiaries such as Sonatrach Gas Carrier Corporation, Sonatrach Petroleum Overseas Transportation Corporation and Alrar Transportation Corporation.

8. China National Offshore Oil Corporation

Annual sales 2021: $38.10 billion

The China National Offshore Oil Corporation is one of the largest oil companies in China. The company has exclusive rights to collaborate with foreign companies on initiatives outside of China. China National Offshore Oil Corporation’s principal activities include exploration, development and refining of oil and gas. In addition, the company also provides power generation, new energy development and financial services. The company’s international division oversees operations in Africa, Americas, Europe, Asia and the Middle East.

7. Kuwait Petroleum Corporation

Annual sales 2021: $52.57 billion

Kuwait Petroleum Corporation is a national oil company in Kuwait. The Company is engaged in all aspects of the oil and gas industry, including onshore and offshore exploration and production. In addition, the company refines, markets and distributes petrochemicals and also provides transportation services. The international operations of Kuwait Petroleum Corporation oversee the sale of around 301,000 barrels of oil products in Western Europe on a daily basis.

6. Pertamina

Annual sales 2021: $57.51 billion

Pertamina is an oil and natural gas company owned by the Indonesian government. The Company has six holdings operating across multiple businesses including upstream, gas, refining, petrochemical, trading and integrated marine logistics. Pertamina also has sub-holdings that offer a range of products and services such as retail, flight services, drilling services, training, consulting, etc.

Click here to read on and see the 5 largest private oil companies in the world.

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Disclosure: None. 15 Biggest Private Oil Companies in the World was originally published on Insider Monkey.


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