Support The Moscow Times!

Gazprom Drops Out of First Place in Energy Company Rankings

Maxence / Flickr

Russia’s Gazprom gas giant has ceded first spot in a global ranking of 250 energy firms released by the S&P Global Platts market assessment firm.

The report said that the world’s biggest oil and gas companies benefited from a jump in global crude prices over the past year. The rebound contributed to more drilling, investment, pipeline-building and mergers and acquisitions.

“From Asia and the Middle East to Europe to the U.S., Big Oil and its benefactors are talking with enthusiasm again about the industry’s outlook,” the analyst firm said.

Gazprom dropped to 17th after a year on top of the S&P Global Platts table, allowing Texas-based ExxonMobil to regain its 12-year reign atop the ranking.

Russia’s oil major LUKoil climbed from sixth to second place.

LUKoil CEO Vagit Alekperov was cited as boasting of consolidated financial results reaching a “historical peak.” The company eyed more spending on new technology to increase volumes and reserves at an annual report to shareholders.

Out of a total 10 listed Russian companies, five landed in the top-50, including fast-growing Surgutneftegaz. State electricity firm and distribution grid Rosseti represented the only non-oil and gas company in the ranking.

Read more