25-01-08 Three years ago, the top six names on PFC Energy's ranking of the world's 50 largest oil and gas industry companies were ExxonMobil, BP, Royal Dutch Shell, Total, Chevron and ENI.
This year's top six include PetroChina, Gazprom, Sinopec and Petrobras, national oil companies (NOCs) whose shares are traded on public markets, but which are majority-owned by the governments of China, Russia and Brazil.

PFC Energy said the pre-eminent positions of these four national oil companies reflect a profound change in the global energy industry. With some 65 % of oil and gas reserves off-limits to international oil companies (IOCs), the majors are finding it increasingly difficult to deliver growth in reserves and production, while the NOCs offer more convincing growth prospects.
During 2007, PetroChina edged ExxonMobil out of the first place position it has occupied on every previous PFC Energy 50 list, while Sinopec rose from 12th to fifth position and Brazilian NOC Petrobras climbed from 11 to sixth.

"The financial sector recognizes that NOCs have superior access to resources and booming domestic markets," said J. Robinson West, Chairman of PFC Energy. "Despite their enormous earnings, IOCs must communicate a new vision for growth."
PFC is an energy consulting firm specializing in the financial, strategic, commercial, political aspects of the international oil, gas and power industry.