SEVEN SISTERS (OIL COMPANIES)

The 'Seven Sisters' of the petroleum industry is a term coined by an Italian entrepreneur, Enrico Mattei,The new Seven Sisters: oil and gas giants dwarf western rivals, by Carola Hoyos, Financial Times. 11 March 2007 that refers to seven oil companies that dominated mid 20th century oil production, refinement, and distribution.

Contents

Origin and Makeup

Reference in ''The Road Warrior''

Further reading

See also

References

External links

Origin and Makeup

They consisted of three companies formed by the break up by the U.S. Government of Standard Oil, along with four other major oil companies. With their dominance of oil production, refinement and distribution, they were able to take advantage of the rapidly increasing demand for oil and turn immense profits. Being well organized and able to negotiate as a cartel, they were able to have their way with most Third World oil producers. It was only when the Arab states began to gain control over oil prices and production, mainly through the formation of OPEC, beginning in 1960 and really gaining power by the 1970s, that the Seven Sisters' influence declined.
These companies were the following:
# Standard Oil of New Jersey (Esso), which merged with Mobil to form ExxonMobil.
# Royal Dutch Shell Anglo-Dutch
# British Anglo-Persian Oil Company (APOC). This later became BP, then BP Amoco following a merger with Amoco (which in turn was formerly Standard Oil of Indiana). It is now known solely by the initials BP.
# Standard Oil of New York (Socony). This later became Mobil, which merged with Exxon to form ExxonMobil.
# Standard Oil of California (Socal). This became Chevron, then, upon merging with Texaco, ChevronTexaco. It has since dropped the 'Texaco' suffix, returning to Chevron.
# Gulf Oil. In 1985 most of Gulf became part of Chevron, with smaller parts becoming part of BP, and Cumberland Farms, in what was at that time the largest merger in world history. A network of stations in the northeastern United States still bears this name.
# Texaco. Merged with Chevron in 2001. The merged company was known for a time as ChevronTexaco, but in 2005 it changed its name back to Chevron. Texaco remains as a Chevron brand name.
''The Seven Sisters'' is the title of a book by British journalist Anthony Sampson about the history of the oil industry, published in 1975.
As of 2005, the surviving companies are ExxonMobil, Chevron, Shell, and BP, now members of the "supermajors" group.
On 11 March 2007, the Financial Times identified the "new seven sisters": the most influential and mainly state-owned national oil and gas companies from countries outside the OECD. They are Saudi Aramco, Russia’s Gazprom, CNPC of China, NIOC of Iran, Venezuela’s PDVSA, Brazil’s Petrobras and Petronas of Malaysia.The new Seven Sisters: oil and gas giants dwarf western rivals, by Carola Hoyos, Financial Times. 11 March 2007

Reference in ''The Road Warrior''

In the 1981 film, ''The Road Warrior'', which starred Mel Gibson, a fuel tanker can be seen emblazoned with a Seven Sisters logo.

Further reading

★ Anthony Sampson. ''The Seven Sisters: The Great Oil Companies and the World They Shaped''. New York: Viking Press, 1975. ISBN 0-553-20449-1.

★ Daniel Yergin. ''The Prize: The Epic Quest for Oil, Money, and Power''. New York: Simon & Schuster, 1991

★ Nico Perrone. ''Obiettivo Mattei: Petrolio, Stati Uniti e politica dell'ENI'' (Target Mattei: Oil, United States and ENI Policy). Rome: Gamberetti, 1995

★ Nico Perrone. ''Enrico Mattei''. Bologna: il Mulino, 2001

See also

★ Cartel

★ Fossil fuel

★ Monopoly

★ Petroleum

References

External links

★ The Seven Sisters: The World's Most Powerful Oil Companies by Nicholas Vardy March 27 2007 - Follow up to Financial Times article of March 11 2007