2009's winners and losers in the oil industry

The Iraqi oil auctions. (Getty Images)
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It is pretty safe to say that so far 2009 is not shaping up to be a vintage year for most industries. However, the oil and gas sector has been weathering the storm better than most and while board members of most companies in the industry will not be lighting cigars with $100 bills this year, they won't be climbing onto the ledge of their office window either.

So seeing as six months of the year has already passed, ArabianOilandGas.com decided to give you our list of the eight biggest winners and the two biggest losers of 2009 so far. There are a few controversial inclusions that we're sure some of you will no doubt disagree with and even more exclusions that you maybe feel are more worthy contenders for the list. 

If you do disagree please feel free to leave a comment.  

1. The National Oil Companies (NOCs)
2. Qatargas
3. Petrofac
4. Iraq’s Oil Ministry
5. ExxonMobil
6. HeritaGE Oil
7. Technip
8. Addax Petroleum 
   And the two biggest losers…
   
9. Iran
10. Saudi Basic Industries Corporation (SABIC)

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FEATURED COMMENT I'm not sure the NOCs are out of the woods yet! Nice feature though   1 Comments Read more comments »

The National Oil Companies (NOCs)

Many people may argue that a massive slump in global demand coupled with the oil price dropping by over $100 a barrel in the space of a few short months would mean that the NOCs were having a nightmare year rather than a good one.

However, NOCs tend to look at their balance sheets over a longer period than a few months and 2009 has given them a lot more to smile about than some people might think.

First of all the oil price has rallied in recent months and currently hovers around the $60 a barrel mark. Considering the fact that global demand is at its lowest point since the 1980s then $60+ is a price all of the NOCs would have taken like a shot in December. And if anyone says otherwise, they are lying.   

Secondly is that a the slowdown has given the NOCs the opportunity to pause for breath and invest time and resources into improving their infrastructures. Saudi Aramco, ADNOC and Sonatrach are three examples of NOCs investing billions of dolalrs into improving their businesses and it feels like a week doesn’t go by without at least one of them making an announcement of a multi-billion contract award.

Thirdly, the crash in prices for raw materials has meant that the NOCs have been able to slash billions of dollars from project budgets. A recent example is the Saudi Aramco joint venture the Jubail Export Refinery trimming $2.4 billion from its $12 billion budget. Other projects that have been deferred are now being taken from the shelf to take advantage of the low costs.

If the oil price can remain above $50 a barrel for the rest of this year when demand is so low, then the NOCs can look forward to a an even more prosperous future.