Start here · Browse by country
Pick a country to jump straight to its oil story
Each card below jumps to that country's reserves, major fields, and — where a full country profile exists — its dedicated page. Prefer to read start to finish? Scroll on.
🇮🇳
India
Full section on this page
85% import-dependent · Jamnagar, world's largest refinery · Iraq, Saudi Arabia, Russia are top suppliers.
🇸🇦
Saudi Arabia
Full country profile →
267.0 Gbbls reserves (15.4% global) · Home of Ghawar, the world's largest oil field.
🇺🇸
United States
Full country profile →
World's largest producer, ~13.3M bbl/day · Permian Basin shale revolution.
🇷🇺
Russia
Full country profile →
107.2 Gbbls reserves (6.2% global) · Samotlor, one of history's largest fields.
🇦🇪
UAE
Full country profile →
97.8 Gbbls reserves (5.6% global) · ADNOC-operated fields.
🇻🇪
Venezuela
Jump to reserves data
303.8 Gbbls — the world's single largest proven reserves (17.5% global).
🇨🇦
Canada
Jump to Athabasca field
170.3 Gbbls reserves · Athabasca Oil Sands, ~166 Gbbls proven.
🇮🇷
Iran
Jump to reserves data
208.6 Gbbls reserves (12.0% global) · Ahvaz field, ~65 Gbbls OOIP.
🇮🇶
Iraq
Jump to Rumaila field
145.0 Gbbls reserves · Rumaila and Kirkuk, two of the world's 15 largest fields.
🇰🇼
Kuwait
Jump to Burgan field
101.5 Gbbls reserves · Burgan, the world's 2nd-largest oil field.
🇰🇿
Kazakhstan
Jump to Kashagan field
30.0 Gbbls reserves · Kashagan and Tengiz fields.
🇱🇾
Libya
Jump to reserves data
48.4 Gbbls reserves (2.8% global).
🇳🇬
Nigeria
Jump to reserves data
36.9 Gbbls reserves (2.1% global) · West Africa's leading producer.
Prefer fields over countries? Jump straight to the 15 largest oil fields, ranked and GPS-located ↓
"Oil did not form for any human purpose. It accumulated over 160 million years — compressed marine life, ancient sunlight in liquid form, held in rock until humans learned to find it and channel it. The energy was always there. The engineers simply learned to listen."
— The Energy Codex · observation without ownership · thecodex.expert
Cluster 1 · What is it?
What oil is — precisely
Petroleum — from the Latin petra (rock) and oleum (oil) — is a naturally occurring liquid mixture of hydrocarbons found in geological formations beneath the Earth's surface. It is the most consumed energy source in the world today.
In plain English: Oil is ancient sunlight. Millions of years ago, tiny sea creatures absorbed sunlight, died, sank to the seafloor, and got buried under rock. Over a very long time, heat and pressure underground turned their remains into liquid oil. Today we drill down, pump it up, and burn it — releasing that ancient sunlight energy. It is the most powerful liquid fuel humans have ever found in the natural world.
Chemical composition: Crude oil is a complex mixture of hydrocarbons — molecules made of hydrogen and carbon atoms. The main families are:
Alkanes (paraffins) — straight or branched carbon chains. Make up the bulk of most crude oils.
Naphthenes (cycloalkanes) — ring-shaped carbon structures.
Aromatics — ring structures including benzene. Valuable for petrochemicals.
Resins and asphaltenes — heavy, viscous components. High concentration = heavy crude oil.
These are separated by fractional distillation in a refinery — heating the crude so different components boil off at different temperatures.
Alkanes (paraffins) — straight or branched carbon chains. Make up the bulk of most crude oils.
Naphthenes (cycloalkanes) — ring-shaped carbon structures.
Aromatics — ring structures including benzene. Valuable for petrochemicals.
Resins and asphaltenes — heavy, viscous components. High concentration = heavy crude oil.
These are separated by fractional distillation in a refinery — heating the crude so different components boil off at different temperatures.
Crude oil is classified by its American Petroleum Institute (API) gravity and sulphur content. Light crude (API >31°) flows easily and yields more petrol and diesel per barrel. Heavy crude (API <22°) is denser and requires more refining. Sweet crude (<0.5% sulphur) requires less processing to meet clean fuel standards. Sour crude (>0.5% sulphur) requires hydrogen desulphurisation. Benchmark crudes used in global pricing: Brent (North Sea, ~38° API, sweet), WTI (West Texas, ~40° API, sweet), Arab Light (Saudi Arabia, ~34° API, medium-sour), Dubai/Oman (Middle East, ~31° API, sour).
~100M bbl/dayGlobal daily consumption (IEA 2024)
1.73T bblGlobal proven reserves (BP 2024)
~47 yearsAt current consumption rate
46 MJ/kgEnergy density of crude oil
31%Share of global primary energy (IEA)
Cluster 2 · Where does it come from?
How oil forms — from sunlight to liquid fuel
Oil is formed from the remains of microscopic marine organisms — primarily phytoplankton and algae — that lived hundreds of millions of years ago. Understanding this process explains why oil is found where it is, and why it exists in finite quantities.
Hundreds of millions of years ago, the oceans were full of tiny plants and creatures. When they died, they sank and piled up at the bottom of the sea. Over millions of years, layers of mud buried them deeper and deeper. The heat and weight underground slowly cooked these organic remains — the same way a pressure cooker cooks food faster — and turned them into oil. The oil then floated upward through porous rock until it got trapped under a dome-shaped rock layer, where it stayed, sometimes for hundreds of millions of years, until a drill bit found it.
Stage 1 — Organic matter deposition: Marine organisms (phytoplankton, zooplankton, algae) die and sink to anoxic (oxygen-free) seafloor where they cannot decompose normally. They accumulate as organic-rich sediment called sapropel.
Stage 2 — Diagenesis: Burial under more sediment compresses the organic matter. Bacterial activity partially breaks it down. This stage produces kerogen — the solid organic precursor to oil.
Stage 3 — Catagenesis (the oil window): Deeper burial (2–4 km) generates temperatures of 60–120°C. Kerogen thermally cracks into liquid petroleum. This temperature range is called the "oil window." Below 120°C, only gas is generated (the "gas window").
Stage 4 — Migration and trapping: The oil, being lighter than water, migrates upward through permeable rock until it reaches a geological trap — an anticline, fault trap, or stratigraphic trap — where it accumulates.
Stage 2 — Diagenesis: Burial under more sediment compresses the organic matter. Bacterial activity partially breaks it down. This stage produces kerogen — the solid organic precursor to oil.
Stage 3 — Catagenesis (the oil window): Deeper burial (2–4 km) generates temperatures of 60–120°C. Kerogen thermally cracks into liquid petroleum. This temperature range is called the "oil window." Below 120°C, only gas is generated (the "gas window").
Stage 4 — Migration and trapping: The oil, being lighter than water, migrates upward through permeable rock until it reaches a geological trap — an anticline, fault trap, or stratigraphic trap — where it accumulates.
Source: AAPG — Petroleum System Concepts
Petroleum system analysis integrates four elements: source rock (organic-rich, typically Type II marine kerogen, TOC >1%), reservoir rock (porous and permeable — sandstone or carbonate, porosity 10–30%, permeability 1–1000 md), seal rock (impermeable caprock — shale, anhydrite, salt), and trap (structural: anticline, fault; or stratigraphic: unconformity, reef). The timing of trap formation relative to hydrocarbon generation determines whether a prospect contains commercial quantities. Geochemical fingerprinting of source rocks uses carbon isotope ratios (δ¹³C) and biomarker analysis to correlate oils to their source formations.
Source: AAPG Petroleum System Elements · Tissot & Welte, Petroleum Formation and Occurrence (Springer)
Cluster 3 · Types and variants
Types of petroleum — conventional and unconventional
Conventional oil — flows freely from rock
| Light crude | API >31°. Flows easily. Yields more petrol per barrel. Brent, WTI, Arab Light. |
| Medium crude | API 22–31°. Intermediate properties. Dubai/Oman blend. |
| Heavy crude | API <22°. Thick, viscous. Venezuelan Orinoco, Canadian oil sands. |
| Extra-heavy | API <10°. Barely flows at surface temperature. Requires dilution. |
Unconventional oil — requires special extraction
Oil sands (tar sands): Bitumen mixed with sand and clay. Canada's Athabasca deposit holds 166 billion barrels of proven reserves — third-largest globally. Extracted by surface mining or steam injection (SAGD).
Tight oil (shale oil): Trapped in low-permeability shale rock. Released by hydraulic fracturing (fracking). USA's Permian Basin, Bakken, and Eagle Ford formations produce ~9M bbl/day. Source: US EIA 2024
Deep water / ultra-deep water: Conventional oil in reservoirs 1,500–3,000+ metres below the sea surface. Requires specialised floating production systems. Brazil's pre-salt Santos Basin, Gulf of Mexico.
Tight oil (shale oil): Trapped in low-permeability shale rock. Released by hydraulic fracturing (fracking). USA's Permian Basin, Bakken, and Eagle Ford formations produce ~9M bbl/day. Source: US EIA 2024
Deep water / ultra-deep water: Conventional oil in reservoirs 1,500–3,000+ metres below the sea surface. Requires specialised floating production systems. Brazil's pre-salt Santos Basin, Gulf of Mexico.
Cluster 2 · Q5 · Reserves by country
Global proven oil reserves — every major country
Proven reserves are oil that has been discovered, confirmed by drilling, and is economically viable to extract at current prices with current technology. All figures from BP Statistical Review of World Energy 2024 — the most widely cited independent annual compilation.
What "proven" means: Defined by the Society of Petroleum Engineers (SPE-PRMS) as recoverable with 90% confidence under current economics and technology. These figures change as prices rise, technology improves, and new fields are discovered. They are estimates, not certainties. Source: SPE-PRMS definitions
| # | Country | Proven reserves | % global |
|---|---|---|---|
| 1 | Venezuela | 303.8 Gbbls | 17.5% |
| 2 | Saudi Arabia | 267.0 Gbbls | 15.4% |
| 3 | Canada | 170.3 Gbbls | 9.8% |
| 4 | Iran | 208.6 Gbbls | 12.0% |
| 5 | Iraq | 145.0 Gbbls | 8.4% |
| 6 | Russia | 107.2 Gbbls | 6.2% |
| 7 | Kuwait | 101.5 Gbbls | 5.9% |
| # | Country | Proven reserves | % global |
|---|---|---|---|
| 8 | UAE | 97.8 Gbbls | 5.6% |
| 9 | USA | 68.8 Gbbls | 4.0% |
| 10 | Libya | 48.4 Gbbls | 2.8% |
| 11 | Nigeria | 36.9 Gbbls | 2.1% |
| 12 | Kazakhstan | 30.0 Gbbls | 1.7% |
| — | World total | 1,732 Gbbls | 100% |
Source: BP Statistical Review of World Energy 2024 · All figures as of end 2023 · Gbbls = billion barrels
Cluster 13 · Named instances — major oil fields
The world's 15 largest oil fields — every one located
Every field below is a real, named, documentable location. GPS coordinates sourced from Global Energy Monitor GOGET (CC BY 4.0) and WRI Global Power Plant Database. Reserves figures from company disclosures and BP Statistical Review.
| # | Field name | Country | GPS | Estimated reserves | Operator | Status |
|---|---|---|---|---|---|---|
| 1 | Ghawar Built ✓ | Saudi Arabia | 25.12°N 49.35°E | 48.2 Gbbls remaining (Aramco IPO 2019) | Saudi Aramco | Operating since 1951 |
| 2 | Burgan | Kuwait | 29.07°N 47.95°E | ~66–72 Gbbls (est.) | Kuwait Oil Company | Operating since 1938 |
| 3 | Rumaila | Iraq | 30.40°N 47.54°E | ~17 Gbbls remaining (est.) | BP, CNPC, SOMO | Operating since 1953 |
| 4 | Safaniyah | Saudi Arabia | 27.93°N 48.74°E | ~19 Gbbls (est.) | Saudi Aramco | World's largest offshore field |
| 5 | Ahvaz | Iran | 31.32°N 48.69°E | ~65 Gbbls OOIP (est.) | NIOC | Operating since 1958 |
| 6 | Kashagan | Kazakhstan | 45.41°N 52.53°E | 9–13 Gbbls recoverable | NCOC (Shell, ExxonMobil, Total, CNPC, Eni) | Operating since 2013 |
| 7 | Samotlor | Russia | 61.04°N 76.82°E | ~28 Gbbls OOIP (produced ~16 Gbbls to date) | Rosneft | Operating since 1965 |
| 8 | Kirkuk | Iraq | 35.47°N 44.39°E | ~8.7 Gbbls (est. remaining) | North Oil Company | Operating since 1927 |
| 9 | Permian Basin Built ✓ | USA | 31.80°N 103.00°W | ~22 Gbbls proven (tight oil) | ExxonMobil, Pioneer, Chevron, ConocoPhillips | ~5.8M bbl/day (2024) |
| 10 | Athabasca Oil Sands | Canada | 57.00°N 111.50°W | ~166 Gbbls proven (oil sands) | Suncor, Canadian Natural Resources, Imperial Oil | Operating since 1967 |
| 11 | Cantarell | Mexico | 19.72°N 92.20°W | ~1.2 Gbbls remaining (est.) | Pemex | Operating — declining since peak 2004 |
| 12 | South Pars / North Dome | Iran / Qatar | 26.80°N 53.10°E | Primarily natural gas — oil condensate ~2 Gbbls/yr production | NIOC / QatarEnergy | World's largest gas field; significant condensate |
| 13 | Jubilee | Ghana | 4.59°N 2.58°W | ~1.2 Gbbls proven recoverable | Tullow Oil, Aker Energy, GNPC | Operating since 2010 · West Africa's major field |
| 14 | Lula (Tupi) | Brazil | 23.50°S 41.80°W | ~8 Gbbls recoverable (pre-salt) | Petrobras (65%), Shell, Total | Operating since 2010 · deep water pre-salt |
| 15 | Tengiz | Kazakhstan | 45.44°N 53.11°E | ~6–9 Gbbls recoverable | Chevron (50%), ExxonMobil, KazMunayGas, LukArco | Operating since 1993 |
GPS coordinates: Global Energy Monitor GOGET (CC BY 4.0) · Reserves: BP Statistical Review 2024, company disclosures, OPEC ASB 2024 · OOIP = original oil in place · Gbbls = billion barrels
Clusters 5 & 6 · Supply chain — field to consumer
How oil travels from underground to your fuel tank
01
Exploration — finding it
Geologists use seismic surveys (sending sound waves into the earth and measuring reflections), gravity surveys, and satellite data to identify geological structures likely to hold oil. An exploratory well is drilled to confirm. Only ~1 in 5 exploratory wells discovers commercial quantities of oil.
Geologists study the shape of underground rock layers using sound waves — like an ultrasound scan of the Earth. When they find a dome-shaped structure, they drill a test well. Most test wells find nothing. When one finds oil, the field development begins.
02
Drilling and production
Production wells are drilled into the reservoir. In conventional fields, oil flows under natural reservoir pressure. As pressure declines, pumps are added. Enhanced oil recovery (EOR) techniques — water injection, gas injection, or steam injection — maintain pressure and increase recovery from the typical 20–30% (primary recovery) to 40–60%. Source: IEA WEO 2024
Wells are drilled and oil is pumped out. As the field ages, engineers inject water or gas to maintain pressure and push more oil toward the wells — the way you squeeze the last of a toothpaste tube from the bottom.
03
Processing — separation at the wellsite
Raw production from a well is a mixture of crude oil, natural gas, water, and sediment. Processing plants (called gas-oil separation plants or GOSPs onshore; platforms offshore) separate and stabilise the crude for transport. Associated natural gas is either captured for use or, in some regions, flared — a practice the IEA and World Bank are actively working to eliminate through the Zero Routine Flaring initiative.
What comes out of the ground is a messy mix. The processing plant is a giant separator — like a kitchen centrifuge — that sorts oil, gas, and water so each can go where it needs to go.
04
Transport — pipeline or tanker
Oil moves to refineries by one of three routes:
Pipeline: The cheapest method for overland transport. The world has approximately 3.5 million km of oil and gas pipelines. Major systems: Trans-Alaska Pipeline, Druzhba Pipeline (Europe), East-West Pipeline (Saudi Arabia).
Oil tanker: VLCCs (Very Large Crude Carriers — 2 million+ barrels) and ULCCs (Ultra Large) carry oil across oceans. The Strait of Hormuz, Strait of Malacca, and Suez Canal are critical chokepoints. Source: US EIA — World Oil Transit Chokepoints
Pipeline: The cheapest method for overland transport. The world has approximately 3.5 million km of oil and gas pipelines. Major systems: Trans-Alaska Pipeline, Druzhba Pipeline (Europe), East-West Pipeline (Saudi Arabia).
Oil tanker: VLCCs (Very Large Crude Carriers — 2 million+ barrels) and ULCCs (Ultra Large) carry oil across oceans. The Strait of Hormuz, Strait of Malacca, and Suez Canal are critical chokepoints. Source: US EIA — World Oil Transit Chokepoints
Oil moves by pipe underground where it's practical, or by ship across oceans. Some ships are so large they cannot fit through the Suez Canal and must go around Africa. The journey from a Saudi oil field to an Indian refinery takes 1–3 weeks by ship.
05
Refining — crude becomes usable products
A refinery is a chemical plant that separates crude oil into useful products through:
Fractional distillation: Heating crude and separating it by boiling point — lighter fractions (LPG, petrol) boil off first, heavier ones (diesel, jet fuel, fuel oil) last.
Cracking: Breaking long hydrocarbon chains into shorter, more valuable ones. Fluid Catalytic Cracking (FCC) and hydrocracking convert heavy fractions into petrol.
Treating: Removing sulphur and impurities.
Products: LPG, petrol (gasoline), naphtha, jet fuel, diesel, fuel oil, lubricants, bitumen (asphalt), and petrochemical feedstocks. Source: PPAC India — Refinery Statistics
Fractional distillation: Heating crude and separating it by boiling point — lighter fractions (LPG, petrol) boil off first, heavier ones (diesel, jet fuel, fuel oil) last.
Cracking: Breaking long hydrocarbon chains into shorter, more valuable ones. Fluid Catalytic Cracking (FCC) and hydrocracking convert heavy fractions into petrol.
Treating: Removing sulphur and impurities.
Products: LPG, petrol (gasoline), naphtha, jet fuel, diesel, fuel oil, lubricants, bitumen (asphalt), and petrochemical feedstocks. Source: PPAC India — Refinery Statistics
A refinery is a giant chemistry kitchen. It heats crude oil and separates it — like separating a mixed spice jar by temperature. Light components like LPG come off first. Heavier ones like bitumen for road surfaces come off last. Every product from your cooking gas to the road you drive on came through a refinery.
06
Distribution — to the final consumer
Refined products are distributed by product pipelines, road tankers, rail, and coastal shipping to:
Petrol stations — for vehicles
Airport fuelling facilities — jet fuel (aviation turbine fuel, ATF)
LPG distributors — for household cooking and industrial use
Power plants — for fuel oil and diesel generation
Petrochemical plants — naphtha and other feedstocks for plastics, fertilisers, medicines
In India, Indian Oil Corporation operates 14,000+ km of product pipelines serving all 28 states. Source: IOC Annual Report 2023
Petrol stations — for vehicles
Airport fuelling facilities — jet fuel (aviation turbine fuel, ATF)
LPG distributors — for household cooking and industrial use
Power plants — for fuel oil and diesel generation
Petrochemical plants — naphtha and other feedstocks for plastics, fertilisers, medicines
In India, Indian Oil Corporation operates 14,000+ km of product pipelines serving all 28 states. Source: IOC Annual Report 2023
The finished products reach you via fuel stations, LPG cylinders, airport fuel trucks, and factory pipelines. The oil that started its journey 160 million years underground reaches your vehicle, your kitchen, your aircraft seat, and the plastic packaging on everything you buy.
Cluster 2 · Q9 · India's relationship with oil
India and oil — the complete picture
India's oil imports — scale and sources
India imports approximately 85% of its crude oil requirements — one of the highest import dependencies of any major economy. In 2022–23, India imported approximately 232.5 million metric tonnes of crude oil.
Top suppliers to India (2022–23):
Russia: ~36 MT (became India's largest supplier after 2022)
Saudi Arabia: ~36.6 MT
Iraq: ~42 MT (largest by volume in 2022–23)
UAE: ~17 MT
USA: ~15 MT
Source: PPAC Annual Report 2022–23
Top suppliers to India (2022–23):
Russia: ~36 MT (became India's largest supplier after 2022)
Saudi Arabia: ~36.6 MT
Iraq: ~42 MT (largest by volume in 2022–23)
UAE: ~17 MT
USA: ~15 MT
Source: PPAC Annual Report 2022–23
India's refineries — capacity and location
India has 23 refineries with total capacity of approximately 254 million tonnes per annum (MTPA) — the fourth-largest refining capacity in the world.
Largest refineries:
Jamnagar (Reliance), Gujarat · 22.47°N 70.07°E · 1.24M bbl/day — world's largest single-site
Koyali (IOC), Gujarat · 22.43°N 73.18°E · 275,000 bbl/day
Paradip (IOC), Odisha · 20.28°N 86.67°E · 300,000 bbl/day
Mangalore MRPL, Karnataka · 12.95°N 74.78°E · 300,000 bbl/day
Vizag (HPCL), Andhra Pradesh · 17.72°N 83.30°E · 166,000 bbl/day
Source: PPAC — Refinery capacity 2023
Largest refineries:
Jamnagar (Reliance), Gujarat · 22.47°N 70.07°E · 1.24M bbl/day — world's largest single-site
Koyali (IOC), Gujarat · 22.43°N 73.18°E · 275,000 bbl/day
Paradip (IOC), Odisha · 20.28°N 86.67°E · 300,000 bbl/day
Mangalore MRPL, Karnataka · 12.95°N 74.78°E · 300,000 bbl/day
Vizag (HPCL), Andhra Pradesh · 17.72°N 83.30°E · 166,000 bbl/day
Source: PPAC — Refinery capacity 2023
India's domestic oil production
India produces approximately 28–30 million tonnes of crude oil per year — covering only about 12–15% of its total requirements. The largest domestic producing fields are:
Mumbai High (Bombay High) — offshore, Arabian Sea · 19.07°N 71.45°E · Operator: ONGC · India's largest oil field · Producing since 1976 · approximately 8 MT/year
Mangala Field, Rajasthan · 27.20°N 72.10°E · Operator: Cairn India (Vedanta) · Producing since 2009 · approximately 2.5 MT/year
Heera, Neelam, and Bassein fields — offshore, Mumbai · Operator: ONGC
India's domestic production has been declining for years as existing fields mature. ONGC and Oil India Ltd are investing in enhanced oil recovery and new exploration. Source: PPAC India · ONGC Annual Report 2023
Mumbai High (Bombay High) — offshore, Arabian Sea · 19.07°N 71.45°E · Operator: ONGC · India's largest oil field · Producing since 1976 · approximately 8 MT/year
Mangala Field, Rajasthan · 27.20°N 72.10°E · Operator: Cairn India (Vedanta) · Producing since 2009 · approximately 2.5 MT/year
Heera, Neelam, and Bassein fields — offshore, Mumbai · Operator: ONGC
India's domestic production has been declining for years as existing fields mature. ONGC and Oil India Ltd are investing in enhanced oil recovery and new exploration. Source: PPAC India · ONGC Annual Report 2023
Data currency note: India's import mix changes monthly with market conditions, OPEC+ policy, and bilateral trade agreements. Figures from PPAC Annual Report 2022–23. Verify current volumes at ppac.gov.in.
Cluster 7 · The companies and operators
Who operates the world's oil — their stories
SA
Saudi Aramco
Saudi Arabia · National Oil Company · Tadawul listed
Founded 1933 as CASOC · Nationalised 1980 · CEO: Amin H. Nasser · ~73,000 employees (2023) · IPO 2019 at $1.7 trillion · 2023 net income: $121.3 billion · Produces ~12.8M bbl/day — the world's largest single oil producer. Operates Ghawar, Safaniyah, Abqaiq, Ras Tanura.
Source: Aramco Annual Report 2023
Source: Aramco Annual Report 2023
Ex
ExxonMobil
USA · Listed on NYSE
Founded 1870 as Standard Oil of Ohio by John D. Rockefeller · Merged Standard Oil of New Jersey + Mobil in 1999 · HQ: Spring, Texas · CEO: Darren Woods · ~62,000 employees (2023) · 2023 net income: $36 billion · Major operations: Permian Basin USA, Guyana, Iraq (Rumaila), LNG globally.
Source: ExxonMobil Annual Report 2023
Source: ExxonMobil Annual Report 2023
Sh
Shell
Netherlands / UK · Listed on LSE, AEX
Founded 1907 from merger of Royal Dutch Petroleum and Shell Transport & Trading · CEO: Wael Sawan (since 2023) · ~93,000 employees · 2023 net income: $19.4 billion · Major operations: North Sea, Nigeria, Gulf of Mexico, Pernis refinery (Netherlands, Europe's largest). Also the world's largest LNG trader.
Source: Shell Annual Report 2023
Source: Shell Annual Report 2023
BP
BP
UK · Listed on LSE
Founded 1909 as Anglo-Persian Oil Company · First major oil discovery in the Middle East · CEO: Murray Auchincloss (since 2024) · ~90,000 employees · 2023 underlying replacement cost profit: $13.8 billion · Operations: North Sea, Gulf of Mexico, Iraq (Rumaila), Azerbaijan (ACG/BTC pipeline).
Source: BP Annual Report 2023
Source: BP Annual Report 2023
ON
ONGC
India · Government enterprise · BSE/NSE listed
Founded 1956 as Oil and Natural Gas Commission · India's largest oil and gas producer · CMD: Arun Kumar Singh · ~28,000 employees · Produces ~6 MT crude oil/year domestically + offshore Mumbai High · Also operates MRPL refinery. Discovering and developing India's oil and gas since independence.
Source: ONGC Annual Report 2023
Source: ONGC Annual Report 2023
Pe
Petrobras
Brazil · Government majority · NYSE listed
Founded 1953 by President Getúlio Vargas · Brazil's national oil company · CEO: Magda Chambriard · ~46,000 employees · Pioneered ultra-deepwater oil extraction in pre-salt Santos Basin · 2023 net income: $24.7 billion · Produces ~2.8M bbl/day. Transformed Brazil from oil importer to one of the world's top 10 producers.
Source: Petrobras Annual Report 2023
Source: Petrobras Annual Report 2023
RI
Reliance Industries
India · BSE/NSE listed
Founded 1966 as Reliance Textiles · India's largest private-sector company · Chairman: Mukesh Ambani · Owns the Jamnagar refinery complex (1.24M bbl/day) — the world's largest single-site refinery, built by founder Dhirubhai Ambani · FY2024-25 group revenue approximately $112 billion, spanning refining, petrochemicals, retail, and telecom.
Source: RIL Integrated Annual Report 2024-25
Source: RIL Integrated Annual Report 2024-25
QE
QatarEnergy
Qatar · State-owned
Founded 1974 as Qatar General Petroleum Corporation, renamed QatarEnergy in 2021 · President & CEO: Saad Sherida Al-Kaabi (also Qatar's Minister of State for Energy Affairs) · World's largest LNG exporter, drawing on the North Field — the world's largest non-associated gas field, shared with Iran · LNG capacity expanding from ~77 to 142 million tonnes/year by 2030.
Source: QatarEnergy
Source: QatarEnergy
Eq
Equinor
Norway · Oslo/NYSE listed
Founded 1972 as Statoil, Norway's state oil company · Renamed Equinor in 2018 to reflect broader energy focus · President & CEO: Anders Opedal (since 2020) · ~67% owned by the Norwegian state · Operates the Johan Sverdrup field in the North Sea (peak capacity ~755,000 boe/day) · 2023 revenue approximately $105 billion.
Source: Equinor in Brief
Source: Equinor in Brief
Cluster 4 · Q15 · The pioneers
The people who built the oil industry
Edwin Drake · 1819–1880 · First commercial oil well
Edwin Drake drilled the world's first successful commercial oil well on 27 August 1859 at Titusville, Pennsylvania, USA — GPS: 41.63°N 79.68°W. The well struck oil at 21 metres depth, producing 25 barrels per day. Drake's innovation was using iron pipe casing to prevent the borehole from collapsing — a technique still used today. The modern petroleum industry traces its commercial beginning to this single well. Drake died in poverty, never having profited significantly from the industry he launched. Source: AAPG Historical Records
John D. Rockefeller · 1839–1937 · Built the first oil empire
Rockefeller founded Standard Oil in 1870 and within a decade controlled 90% of US oil refining. His innovations — standardising barrel sizes, building pipelines to bypass railways, using scale to drive costs down — created the modern integrated oil company model. Standard Oil was broken up by the US Supreme Court in 1911 into 34 companies, most of which became today's oil majors: ExxonMobil, Chevron, BP. Source: Rockefeller Archive Center
Max Steineke · 1898–1952 · Discovered Arabian oil
As chief geologist of CASOC (later Aramco), Steineke championed continued drilling in Saudi Arabia when six consecutive dry wells nearly ended the concession. His geological mapping of the Eastern Province's anticlinal structures revealed the deposits that became Ghawar, Safaniyah, and a dozen other supergiant fields. He died in 1952, having personally unlocked the largest concentration of oil ever found. Source: AAPG Bulletin Memorial 1952
M. King Hubbert · 1903–1989 · Predicted peak oil
In 1956, Shell geophysicist M. King Hubbert predicted that US oil production would peak between 1965 and 1970 — a forecast ridiculed at the time. US production peaked in 1970 at 9.6 million bbl/day, then declined for 40 years, confirming his model. Hubbert extended his analysis to global production, predicting a world peak in the late 20th century — not yet confirmed due to unconventional oil. His "Hubbert curve" model remains a foundational concept in energy economics. Source: US EIA
Cluster 5 · What oil has given the world
What this energy built for human civilisation
The Green Revolution — feeding billions
The Green Revolution of the 1960s–80s transformed India, Mexico, and large parts of Asia and Africa from food-importing to food-exporting nations. It ran substantially on oil: diesel-powered irrigation pumps, oil-derived fertilisers (urea from natural gas), and fuel for mechanised farming equipment. The FAO estimates the Green Revolution prevented famines that would have affected hundreds of millions of people. Source: FAO
Global connectivity — aviation and shipping
Modern aviation runs entirely on petroleum-derived jet fuel. In 2023, commercial aviation carried approximately 4.5 billion passengers — every journey powered by kerosene refined from crude oil. Global shipping, which carries 90% of world trade by volume, runs on heavy fuel oil and marine diesel. Without oil, the global supply chain — including food, medicines, electronics — would not function in its current form. Source: IATA 2023
Petrochemicals — the invisible everywhere
Oil is the raw material for over 6,000 petrochemical products. Medicines (most pharmaceuticals require petrochemical solvents and intermediates in their production). Fertilisers (urea from natural gas associated with oil fields feeds approximately 40% of the world's population per IEA estimates). Plastics (packaging that protects food, water, medicines). Synthetic fibres (clothing for 8 billion people). Source: IEA: The Future of Petrochemicals
Cluster 11 · The future of oil
What institutional sources project
What 47 years really means
The "47 years of oil remaining" figure is often cited but requires context. The world has been "40–50 years from running out" for approximately 50 years — because as prices rise and technology improves, previously uneconomic reserves become proven. The real constraint is not geological scarcity but the transition to alternatives. If EV adoption accelerates and renewable electricity displaces petroleum fuels, demand could fall faster than supply. Source: BP Statistical Review 2024 · IEA WEO 2024
Oil's enduring role — petrochemicals
Even in aggressive decarbonisation scenarios, oil does not disappear — it transforms. As combustion demand falls, petrochemical demand grows. The IEA projects petrochemicals will account for nearly 50% of oil demand growth in the coming decades. Plastics, fertilisers, pharmaceuticals, and synthetic materials require petroleum feedstocks that no current alternative can fully replace at scale. Source: IEA: The Future of Petrochemicals 2023
Cluster 12 · Questions people ask
Six questions — answered clearly
How much oil is left in the world?
Global proven reserves stand at approximately 1.73 trillion barrels as of end-2023 (BP Statistical Review 2024). At current consumption of approximately 100 million barrels per day, this represents about 47 years. However, "proven reserves" grow as technology improves and prices rise — this 40–50 year figure has been roughly constant for decades. The IEA projects demand will peak before 2030, meaning the supply constraint is less likely to be scarcity than transition to alternatives.
Source: BP Statistical Review 2024 · IEA World Energy Outlook 2024
Which country has the most oil?
Venezuela holds the world's largest proven reserves at approximately 303.8 billion barrels — mostly heavy oil in the Orinoco Belt. Saudi Arabia is second at approximately 267 billion barrels of lighter, more easily refined crude. Canada is third at approximately 170 billion barrels — mostly oil sands. Iran holds approximately 209 billion barrels. Together, the top five countries hold approximately 63% of all global proven reserves.
Source: BP Statistical Review of World Energy 2024
Where does India get its oil from?
India imports approximately 85% of its crude oil needs. The three largest suppliers in 2022–23 were Iraq (the single largest at ~42 MT), Saudi Arabia (~36.6 MT), and Russia (whose exports to India surged after 2022 to approximately 36 MT). India also imports from the UAE, USA, and Kuwait. India's 23 domestic refineries process crude from all these sources into petrol, diesel, LPG, and jet fuel for India's 1.4 billion people.
Source: PPAC Annual Report 2022–23 — ppac.gov.in
What is crude oil made of?
Crude oil is a mixture of hydrocarbons — molecules made of hydrogen and carbon atoms. The main types are alkanes (straight or branched carbon chains, the most common), naphthenes (ring-shaped structures), and aromatics (ring structures including benzene, valuable for chemicals). It also contains small amounts of sulphur, nitrogen, oxygen, and metals. The exact composition varies by field — which determines whether the oil is classified as light or heavy, sweet or sour, and affects its market value and refining requirements.
Source: US EIA — Oil and Petroleum Products · AAPG
What is the difference between crude oil and petrol?
Crude oil is the raw material that comes out of the ground — a dark liquid mixture of many different hydrocarbons. Petrol (gasoline) is one specific product made from crude oil after it is processed in a refinery. A refinery heats crude oil and separates it into different fractions: LPG (lightest, boils off first), petrol, naphtha, jet fuel, diesel, fuel oil, and bitumen (heaviest). Petrol typically makes up approximately 25–35% of a barrel of crude oil after refining, depending on the type of crude and the refinery's configuration.
Source: US EIA · PPAC India
When did humans first start using oil?
Humans used surface seeps of oil for thousands of years — ancient Mesopotamians used bitumen (natural asphalt) as a building sealant and adhesive as early as 3000 BCE. The first recorded intentional drilling for oil was by the Chinese around 347 CE using bamboo drill bits. The modern petroleum industry is dated to 27 August 1859, when Edwin Drake drilled the first successful commercial oil well at Titusville, Pennsylvania, USA, striking oil at 21 metres depth. Within a decade, oil refining, distribution, and commercial trade had spread globally.
Source: AAPG Historical Records · US EIA
Cluster 10 · Connected pages
Explore further
Complete source register
Every source used on this page
Every factual claim traces to one of these named, institutional sources. No blog posts. No invented statistics. All links verified .
Primary sources — all public, all free to verify
BP Statistical ReviewWorld Energy 2024 · Proven reserves by country · Production statistics · 60 years of databp.com/statistical-review-2024
IEAWorld Energy Outlook 2024 · Oil Market Report · Net Zero by 2050 · Future of Petrochemicalsiea.org/world-energy-outlook-2024
OPECAnnual Statistical Bulletin 2024 · Member country reserves and productionopec.org/statistical-bulletin
Global Energy MonitorGOGET — Global Oil and Gas Extraction Tracker · Open data CC BY 4.0 · GPS, status, ownershipglobalenergymonitor.org/goget
US EIAInternational Energy Statistics · Petroleum products · Oil transit chokepointseia.gov/energyexplained/oil
PPAC IndiaPetroleum Planning & Analysis Cell · Annual Report 2022–23 · Refinery capacityppac.gov.in
Indian Oil CorporationAnnual Report 2022–23 · Pipeline network · Refinery operationsiocl.com/annual-report
ONGCAnnual Report 2023 · India domestic production · Mumbai High fieldongcindia.com
Saudi AramcoAnnual Reports 2019–2023 · IPO Prospectus 2019 · Ghawar proven reservessaudiaramco.com/investors
AAPGAmerican Association of Petroleum Geologists · Petroleum system concepts · Drake and Steineke historical recordsaapg.org
SPESociety of Petroleum Engineers · PRMS reserve definitions · Well technologyspe.org
World BankDevelopment indicators · Country economic datadata.worldbank.org
FAOFood & Agriculture Organisation · Green Revolution analysis · India agricultural statisticsfao.org
WRI GPPDGlobal Power Plant Database v1.3.0 · CC BY 4.0 · GPS coordinates for facilitiesdatasets.wri.org/globalpowerplantdatabase
Provenance
Attribution, confidence level, and citation
- Author
- The Codex (Let Us Do It For U), Mumbai, India · hello@thecodex.expert
- Entry type · Confidence
- concept · High — Tier-1 sources (IEA, IRENA, IPCC AR6), verified
- Cite as
- "The Energy Codex", https://thecodex.expert/energy/fuel/oil/, last updated .