Major petroleum companies market share Philippines 2023

The oil industry in the Philippines is dominated by three major companies, which collectively represent about half of the market, with Petron taking the lead at about 23 percent of the total petroleum products in 2023. Meanwhile, independent companies accounted for the other half of the market. 

“Big 3” oil companies 

Shell Pilipinas Corporation, Petron Corporation, and Chevron Philippines are collectively referred to as the “Big Three” petroleum companies in the Philippines. Capturing the biggest market share of total petroleum products, Petron Corporation operates the remaining oil refinery in Bataan and can supply about 40 percent of the country’s total fuel requirements. Meanwhile, Shell Pilipinas operates in the downstream oil and gas segment, primarily refining and marketing petroleum products. However, since 2020, it has been purely import-based after closing its refinery. Finally, Chevron Philippines, formerly Caltex, is the third-largest oil company, focusing on imports after it stopped its refining operations.

Does the Philippines produce oil? 

The petroleum industry in the Philippines remains under-explored, with the country’s proven oil reserves remaining unchanged since 2018. With the closure of several refineries, the Philippines only has one existing refinery and one oil field, with most oil companies focusing on imports and retailing. As a result, oil refining capacity has been consistent since 2020, with the most produced refinery products being diesel and gasoline. To compensate for the lack of domestic production, the Philippines imports crude oil from the Middle East and finished petroleum products from South Korea, Singapore, and China.