Shell leads all oil and gas brands, Saudi Aramco takes second place

Oil major Shell leads oil and gas brands, increasing its brand value by 18% to $49.9 billion this year, despite Covid, conflict in Ukraine and increased ESG awareness wreaking havoc widespread in the sector worldwide.

Saudi oil giant Aramco retains world No. 2 with brand value growth of 16% to $43.6 billion and UAE’s Adnoc grows strongly, up 19% to $12.8 billion dollars, boasting the best CEO in the industry, according to a new report from the leading global brand value consultancy, Brand Finance.

After two difficult years due to extremely fluctuating demand, the oil and gas sector is progressing, with the world’s 50 most valuable oil and gas brands achieving an overall growth of 8% this year.

Shell bets on the energy transition

Each year, brand valuation consultancy Brand Finance tests 5,000 of the biggest brands and publishes around 100 reports, ranking brands across industries and countries. The 50 most valuable and strongest brands in the world’s oil and gas industry are included in the annual Brand Finance Oil & Gas 50 ranking.

The Shell brand is increasingly focused on developing an energy transition strategy as it aims to become a net zero emissions energy company by 2050, in line with the company’s progress towards the goal of Paris Agreement on Climate Change. If the energy transition poses risks to Shell, it also creates new development opportunities for the brand. Increasingly, it looks likely to sustainably lead the global oil and gas industry’s transition to a net-zero energy system.

David Haigh, Chairman and CEO of Brand Finance, said, “The energy transformation is both the biggest challenge and the biggest opportunity for the oil and gas sector. The industry can be both optimistic and realistic about the risks and opportunities ahead, but it will be difficult for brands to simultaneously navigate the Covid recovery, the conflict in Ukraine and the broader concerns about environmental sustainability in the future. Shell, Aramco and others will be challenged to transform in the coming years to leverage their brands to meet their customers’ needs.

Aramco reclaims brand equity

Saudi Aramco is the second most valuable oil and gas brand in the world and has significantly recouped its lost brand value during the pandemic. Aramco has responded to significantly increased demand for oil and gas products, in line with large fiscal stimulus programs launched around the world last year.

The surge in demand saw Aramco’s third-quarter earnings more than triple year-on-year, helping lift its market valuation to $2 trillion. As a sign of confidence and ambition for continued growth, Aramco announced plans to increase production capacity from 12 million barrels per day to 13 million by 2027. The company continued to invest heavily in its brand to support core and growth business growth. through a global campaign as well as investments in sport – from Formula 1 to golf.

Aramco is well positioned to generate significant new brand value growth, supported by soaring commodity prices driven by the recovery in global energy demand as key economies reopen and travel restrictions ease. are easing amid higher Covid-19 vaccination rates across much of the developed world.

Adnoc ninth precious mark

Abu Dhabi National Oil Company (Adnoc) continues to record significant continued growth in brand value, having recorded a 174% growth in brand value since the start of its brand transformation journey in 2017. This year, Adnoc improved its ranking by one place to become the ninth most valuable oil and gas brand in the world.

Beyond the oil and gas sector, Adnoc was also the most valuable brand in the UAE overall and the second most valuable brand in the Middle East region. With an eye to the future and in line with the UAE Leaders’ Net Zero 2050 Strategy, Adnoc is embracing the energy transition through several strategic initiatives, including its global clean energy joint venture with Taqa and Mubadala on renewable energy and green hydrogen.

The Adnoc brand is also set to benefit from the UAE’s efforts to become a global leader in sustainable development as the country plans to host COP28, the 2023 United Nations Climate Change Conference.

Top Brand Keeper

Additionally, Adnoc’s Dr. Sultan Ahmed Al Jaber is the top brand guardian CEO for the global oil and gas sector according to Brand Finance’s Brand Guardianship Index. Since becoming CEO of Adnoc Group in 2016, Dr. Al Jaber has led a rapid and comprehensive transformation of the business, strengthening overall business performance and helping to foster a more business mindset.

As CEO of one of the world’s leading oil companies, Dr. Al Jaber has taken a progressive yet pragmatic stance on the global energy transition; extending Adnoc’s legacy as a responsible oil and gas producer, further reducing the company’s carbon intensity, while driving investment in new energy technologies, such as hydrogen. Within the Brand Guardianship Index, Dr. Al Jaber scores particularly well on “strong strategy and long-term vision, net positive online coverage and employee approval rating. Since Dr. Al Jaber became CEO of Adnoc in 2016, the value of the Adnoc brand has increased by 22% per year on average.

The struggle between PetroChina and Sinopec in China

In China, the two biggest oil and gas brands remained PetroChina (brand value down 6% to $29.7 billion) and Sinopec (brand value down 5% to $25.2 billion). dollars), ranked third and fourth most valuable brands in the world. Each of the challenges facing Western oil and gas brands has been exacerbated in China: the continued curtain of Covid restrictions has dampened demand for oil and gas products.

Petronas is the most powerful O&G brand in the world with AAA

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics assessing marketing investment, stakeholder equity, and business performance.

Compliant with ISO 20671, Brand Finance’s Stakeholder Equity Assessment incorporates original market research data from more than 100,000 respondents in more than 35 countries and nearly 30 industries. Petronas (brand value up 13% to $13.6 billion) is the strongest brand in the rankings with a brand strength index (BSI) of 87.7 out of 100 and corresponding brand score from AAA.

Petronas is well positioned to further strengthen its brand as it aims to sustainably provide a diverse range of energy and fuel options while aiming for net zero carbon emissions by 2050.

Devon triples its brand value

Devon (brand value tripled to $2.3 billion) was the world’s fastest growing brand in the oil and gas industry. Devon’s brand value tripled and was ranked among the world’s top 50 oil and gas brands for the first time following the completion of its merger with peer WPX Energy last year.

As a result, the value of the combined brand has increased significantly, with the combined brand focusing on exploration and onshore drilling in the continental United States, primarily in the Delaware Basin in Texas, and to a lesser extent , on operations in New Mexico and North Dakota. .

The brand is benefiting from rising commodity prices and an increased focus on environmental, social and governance priorities.

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