(EnergyAsia, December 17 2012, Monday) — UK-based consultant GlobalData has named Russia’s OAO Gazprom the world’s largest oil and gas producer, with last year’s output of 3,340 million barrels of oil equivalent (MMboe) almost trebling the levels of its nearest rival.
In its latest report, GlobalData placed Venezuelan state-owned firm Petróleos de Venezuela S.A (PDVSA) which produced 1,400 MMboe in a distant second, while Mexican company Petróleos Mexicanos (Pemex) came in third with 1,332 MMboe.
Gazprom, which improved on its 2010 production by 35 MMboe, established its dominance through its huge gas production of 18,121 billion cubic feet (Bcf), more than seven times that of the nearest rival.
The Russian company holds a less impressive seventh position in the oil pecking order, producing just 320 million barrels last year. PDVSA was the leader with 1,142 million barrels.
GlobalData said Gazprom reported net income of more than US$44 billion last year to register a compounded annual growth rate (CAGR) of 14.6% from its 2007 income of US$25.7 billion.
Gazprom’s future supremacy is under threat, particularly from the natural gas boom taking place in the US.