The global oil & gas industry experienced a 41% decline in the number of environmental sustainability-related patent applications in Q3 2022 compared with the previous quarter. The total number of environmental sustainability-related grants dropped by 18% in Q3 2022, according to GlobalData’s Patent Analytics.
Notably, the number of environmental sustainability-related patent applications in the oil & gas industry was 1,868 in Q3 2022, versus 3,148 in the prior quarter.
Analysis of patenting activity by companies shows that BASF filed the most environmental sustainability patents within the oil & gas industry operations and technologies sector in Q3 2022. The company filed 174 environmental sustainability-related patents in the quarter, compared with 165 in the previous quarter. It was followed by LG with 132 environmental sustainability patent filings, Eastman Chemical (79 filings), and Sumitomo Chemical (78 filings) in Q3 2022.
The largest share of environmental sustainability related patent filings in the oil & gas industry in Q3 2022 was in China with 52%, followed by the US (42%) and South Korea (36%). The share represented by China was 68% lower than the 120% share it accounted for in Q2 2022.