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When reading newspapers and watching the news on TV I hear the word supermajor a lot, but never found a proper formal definition. What's the history behind it, and is there some kind of threshold needed to attain supermajor status? I mean, who would decide that?
I realize that the term is used for the biggest oil companies in the industry, the global operators. Is there a set of rules or criteria involved, and could any oil service company rise up to this status if they get big enough?