The global oil & gas industry experienced a 52% decline in the number of environmental sustainability-related patent applications in Q3 2023 compared with the previous quarter. The total number of environmental sustainability-related grants dropped by 38% in Q3 2023, according to GlobalData’s Patent Analytics. GlobalData’s databook Oil & Gas: Patents Trends Q3 2023 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
Notably, the number of environmental sustainability-related patent applications in the oil & gas industry was 7,114 in Q3 2023, versus 14,885 in the prior quarter.
The top five companies accounted for 14% of patenting activity
Analysis of patenting activity by companies shows that China National Petroleum filed the most environmental sustainability patents within the oil & gas industry in Q3 2023. The company filed 314 environmental sustainability-related patents in the quarter, compared with 405 in the previous quarter. It was followed by BASF with 214 environmental sustainability patent filings, LG (188 filings), and China Petrochemical (160 filings) in Q3 2023.
Patenting activity was driven by China with a 31% share of total patent filings
The largest share of environmental sustainability related patent filings in the oil & gas industry in Q3 2023 was in China with 31%, followed by the US (14%) and Japan (11%). The share represented by China was 22% lower than the 53% share it accounted for in Q2 2023.
For further understanding of GlobalData's Oil & Gas: Patents Trends Q3 2023, buy the databook here.