The oil and gas industry has witnessed a dramatic rise in oil prices since 2003; oil prices have been driven high by a combination of factors - mainly a rapid acceleration in oil consumption on the back of robust economic growth, juxtaposed with supply side constraints as oil production capacity is almost fully utilized. Lingering event risks such as terrorist strikes, political events or natural calamities that could lead to a disruption to global oil supply have also added a premium to oil prices. Strong oil prices have enabled large oil & gas companies to report record profits, which has not only earned them media attention but also the ire of consumers (and thus politicians) hit by high energy prices. Many countries, including the United States, have introduced or are considering imposing “windfall” taxes on oil & gas companies. Given the reliance on oil for meeting a nation's energy requirements, interventions by local and national governments are fairly commonplace in the industry. Bolivia nationalized its gas reserves and Venezuela forced the international companies to cede control. In Europe, Gazprom's decision to cut off Ukraine's supplies sent ripples throughout Europe, which is heavily reliant on Russian gas. This report identifies the underlying long term trends in the industry and their implications for future energy demand and consumption. It also outlines the main drivers of oil prices and analyzes the global oil & gas reserves and consumption patterns. Finally, the report profiles the top ten oil & gas companies that are owned and managed by the private sector. For each company, a summary of the business model, strengths, strategies and challenges that the company faces will be analyzed. Companies, where the government owns more than 50% of the equity or exercises substantial control, have been excluded from the report.