The global oil & gas industry experienced a 14% decline in the number of energy transition-related patent applications in Q1 2023 compared with the previous quarter. The total number of energy transition-related grants dropped by 24% in Q1 2023, according to GlobalData’s Patent Analytics. GlobalData’s Energy Transition in Oil and Gas – Thematic Intelligence report highlights key trends, mergers & acquisitions activities, and major milestones of energy transition theme in the oil & gas sector. Buy the report here.
Notably, the number of energy transition-related patent applications in the oil & gas industry was 6,951 in Q1 2023, versus 8,090 in the prior quarter.
The top five companies accounted for 10% of patenting activity
Analysis of patenting activity by companies shows that China Petrochemical filed the most energy transition patents within the oil & gas industry in Q1 2023. The company filed 191 energy transition-related patents in the quarter, compared with 237 in the previous quarter. It was followed by BASF with 171 energy transition patent filings, LG (144 filings), and Sumitomo Chemical (109 filings) in Q1 2023.
Patenting activity was driven by China with a 33% share of total patent filings
The largest share of energy transition related patent filings in the oil & gas industry in Q1 2023 was in China with 33%, followed by Japan (15%) and South Korea (12%). The share represented by China was 8% lower than the 41% share it accounted for in Q4 2022.
For further understanding of GlobalData's Energy Transition in Oil and Gas - Thematic Intelligence buy the report here.