The five largest oil and gas companies recorded a cumulative revenue of $1.14 trillion in 2020, representing a loss of about 30.9% or $500 billion from the 2019 figure of $1.65 trillion, according to data acquired by Finbold.

PetroChina's last year revenue stood at $280.7 billion, a drop of 19.28% from 2019's figure of $347.8 billion. Elsewhere, Sinopec, also from China, ranked second with a 2020 revenue at $271.1 billion, a drop of 37.32% from 2019's figure of $432.5 billion. Saudi Aramco is in the third spot, with 2019 revenue standing at $294.9 billion dropping 22.09% to $229.7 billion last year.

Uk-based BP recorded the largest drop of revenue by 39.38%, from $297 billion to $180 billion between 2019 and 2020. ExxonMobil from the United States posted $275.5 billion in 2020 revenue dropping 35.30% to $178.2 billion in 2020.

As the sector aims to return to pre-pandemic levels, the report highlights possible scenarios that might challenge the goal.

According to the research report: "In the next few years, consumption is forecast to remain below its pre-pandemic trend. However, the pandemic is likely to affect oil consumption in the longer term due to a shift in consumer behaviour. For example, air travel globally might not fully recover as people opt for remote meetings. Elsewhere, a shift towards working from home might further lower the gasoline demand."

The revenue revival might also be impacted by increasing campaigns to shift towards renewable energy sources. Some oil and gas companies adapt by investing in green energy initiatives to cater to their environmentally conscious investors. – TradeArabia News Service