Oil and gas companies are innovating with new LNG technologies through recent patents, aiming to enhance storage, processing, and purification methods, thus reducing operational costs. Strategic investments in LNG are on the rise, signaling the industry’s recognition of LNG’s importance. Despite a decline in annual job postings, certain roles like architecture and engineering remain prominent in LNG-related hiring, with the US leading in adoption globally. GlobalData’s LNG Liquefaction Terminals Capacity and Capital Expenditure report provides comprehensive analysis of the market. Buy the report here.
This article presents a quarterly round-up of the latest trends in the oil & gas industry regarding LNG. It provides an overview of recent developments in LNG-related deals, talent acquisition, and patent filings within the oil & gas industry.
Diverse applications of LNG in oil & gas industry
Oil & gas companies are leveraging new LNG technologies through recent patents to innovate and improve their businesses. Hyundai Motor Co has patented a low profile flat bombe for LPG storage, while Engie SA has developed a power supply and cooling system for floating structures. TotalEnergies SE has patented a method for purifying natural gas, and JL Energy Transportation Inc. has introduced an LNG process using feedstock as a primary refrigerant to reduce costs. Additionally, Zhoushan Institute of Calibration and Testing for Quality and Technology Supervision has created a condensation-recovery device for overpressure gas using LNG cold energy. These technologies will benefit acquirers by enhancing LNG storage, processing, and purification methods, ultimately improving efficiency and reducing operational costs in the LNG industry.
The industry experienced a 38% decline in the number of LNG-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of LNG-related patent applications in the oil & gas industry witnessed a drop of 5% compared with Q1 2023.
Strategic deal trends in LNG in oil & gas industry
Oil & gas companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in LNG. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of LNG in the oil & gas industry.
In Q1 2024, the number of LNG-related deals in the oil & gas industry grew by 65% compared with Q1 2023. On a quarterly basis, there was 33% increase in the number of deals in Q1 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q1 2024, the oil & gas industry experienced a 18% growth compared with the previous quarter. On an annual basis, job postings also declined by 34%. Notably, architecture and engineering occupations, with a share of 16%, emerged as the top LNG-related job roles within the oil & gas industry in Q1 2024, with new job postings drop by 17% quarter-on-quarter. Management occupations came in second with a share of 9% in Q1 2024, with new job postings rising by 13% over the previous quarter. The other prominent LNG roles include computer and mathematical occupations with a 7% share in Q1 2024, and business and financial operations occupations with a 7% share of new job postings.
Santos, Venture Global LNG, John Wood Group, Exxon Mobil, and NES Global Talent Norge are among the top companies leading in LNG hiring within the oil & gas industry.
Countries driving adoption of LNG in oil & gas industry
The US is the leading country in LNG adoption within the oil & gas industry, boasting the highest number of LNG-related patents, jobs, and deals. Meanwhile, Canada, Australia, China and South Korea also maintain significant positions in LNG adoption within the oil & gas industry.
In conclusion, the oil & gas industry's emphasis on strategic deals and innovative technologies underscores its commitment to leveraging LNG for efficiency gains and industry advancement, with the US leading in adoption, closely followed by key global players.
To further understand GlobalData's analysis on LNG in the oil & gas industry, buy the report here.
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GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
