The â€œnew seven sistersâ€, or the most influential energy companies from countries outside the Organisation for Economic Co-operation and Development, have been identified by the Financial Times in consultation with numerous industry executives. They are Saudi Aramco, Russiaâ€™s Gazprom, CNPC of China, NIOC of Iran, Venezuelaâ€™s PDVSA, Brazilâ€™s Petrobras and Petronas of Malaysia.
Overwhelmingly state-owned, they control almost one-third of the worldâ€™s oil and gas production and more than one-third of its total oil and gas reserves. In contrast, the old seven sisters â€“ which shrank to four in the industry consolidation of the 1990s â€“ produce about 10 per cent of the worldâ€™s oil and gas and hold just 3 per cent of reserves. Even so, their integrated status â€“ which means they sell not only oil and gas, but also gasoline, diesel and petrochemicals â€“ push their revenues notably higher than those of the newcomers.