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| Seven Sisters (oil companies) |
The
"Seven Sisters" was a term coined in the 1950s by Italian businessman
Enrico Mattei to describe the seven oil companies which formed the
"Consortium for Iran" and dominated the global petroleum industry from
the mid-1940s to the 1970s. The group comprised Standard Oil of New
Jersey and Standard Oil Company of New York (now ExxonMobil); Standard
Oil of California, Gulf Oil and Texaco (now Chevron); Royal Dutch Shell;
and Anglo-Persian Oil Company (now BP).
In
1973 the members of the Seven Sisters controlled 85% of the world's
petroleum reserves but in recent decades the dominance of them and their
successor companies has been challenged by the increasing influence of
the OPEC cartel and of state-owned oil companies in emerging-market
economies.
Composition and history
In
1951 Iran nationalised its oil industry, then controlled by the
Anglo-Iranian Oil Company (now BP), and Iranian oil was subjected to an
international embargo. In an effort to bring Iranian oil production back
to international markets, the U.S. State Department suggested the
creation of a "Consortium" of major oil companies. The "Consortium for
Iran" was subsequently formed by the following companies:
Anglo-Persian
Oil Company (United Kingdom). This subsequently became Anglo-Iranian
Oil Company and then British Petroleum. Following the acquisition of
Amoco (which in turn was formerly Standard Oil of Indiana) and Atlantic
Richfield it shortened its name to BP in 2000.
Gulf
Oil (United States) In 1985 most of Gulf was acquired by Chevron, with
smaller parts acquired by BP and Cumberland Farms. A network of service
stations in the northeastern United States still bears the Gulf name.
Royal Dutch Shell (Netherlands/United Kingdom)
Standard Oil of California ("Socal") (United States) This subsequently became Chevron.
Standard
Oil of New Jersey (Esso) (United States) This subsequently became
Exxon, which renamed itself ExxonMobil following the acquisition of
Mobil in 1999.
Standard Oil Co. of New York ("Socony") (United States) This subsequently became Mobil, which was acquired by Exxon in 1999.
Texaco (United States). This was acquired by Chevron in 2001.
The
Italian member of parliament Enrico Mattei sought membership for the
Italian oil company AGIP, but was rejected by what he dubbed the "Seven
Sisters".
Being
well-organized and able to negotiate as a cartel, the Seven Sisters
were initially able to exert considerable power over Third World oil
producers. In recent decades the dominance of the Seven Sisters and
their successor companies has been challenged by the increasing
influence of the OPEC cartel (formed in 1960), OECD countries' share of
world oil production declining, and the emergence of powerful
state-owned oil companies in emerging-market economies. As of 2010, the
surviving companies from the Seven Sisters are BP, Chevron, ExxonMobil
and Royal Dutch Shell, which form four members of the "supermajors"
group.
The "New Seven Sisters"
The
Financial Times has used the label the "New Seven Sisters" to describe a
group of what it argues are the most influential national oil and gas
companies based in countries outside of the OECD. According to the
Financial Times this group comprises:
China National Petroleum Corporation (China)
Gazprom (Russia)
National Iranian Oil Company (Iran)
Petrobras (Brazil)
PDVSA (Venezuela)
Petronas (Malaysia)
Saudi Aramco (Saudi Arabia)
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