In the oil & gas industry, liquefied natural gas (LNG) is driving innovation and efficiency through diverse applications. Companies are leveraging new LNG technologies to enhance operations, from cryogenic conveyance methods to advanced storage solutions, improving efficiency and reliability. Strategic investments and recent deals further underscore the industry’s commitment to advancements in LNG, impacting hiring trends and influencing global adoption. GlobalData’s LNG market report provides comprehensive analysis of the LNG 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. The latest patents include methods for conveying cryogens, combination regulators for cryogenic tanks, detachable cryostats, cryogenic tank-filling arrangements, and corrugated plates for storage containers. These technologies offer advancements in handling and storing LNG, ensuring efficient and safe operations. For example, the detachable cryostat allows for thermal isolation and excellent thermal contact, while the combination regulator provides precise pressure control. By acquiring these patents, companies can benefit from enhanced capabilities in LNG transportation, storage, and utilization, ultimately leading to improved efficiency and reliability in their LNG operations.

The industry experienced a 2% growth in the number of LNG-related patent applications in Q4 2023 compared with the previous quarter. On an annual basis, the number of LNG-related patent applications in the oil & gas industry witnessed a rise of 4% compared with Q4 2022.

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 Q4 2023, the number of LNG-related deals in the oil & gas industry declined by 9% compared with Q4 2022. On a quarterly basis, there was 9% drop in the number of deals in Q4 2023 compared with the previous quarter.

Impact on hiring

In terms of new job posting, in Q4 2023, the oil & gas industry experienced a 33% drop compared with the previous quarter. On an annual basis, job postings also declined by 48%. Notably, architecture and engineering occupations, with a share of 21%, emerged as the top LNG-related job roles within the oil & gas industry in Q4 2023, with new job postings drop by 17% quarter-on-quarter. Management occupations came in second with a share of 10% in Q4 2023, with new job postings dropping by 29% over the previous quarter. The other prominent LNG roles include business and financial operations occupations with a 7% share in Q4 2023, and computer and mathematical occupations with a 7% share of new job postings.

Venture Global LNG, Exxon Mobil, Santos, John Wood Group, and Energy Transfer 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, India, South Korea, Greece and Denmark also maintain significant positions in LNG adoption within the oil & gas industry.

In conclusion, the oil and gas industry's pursuit of LNG innovation, reflected in recent patents and strategic deals, underscores its commitment to enhancing efficiency and safety. Despite fluctuations, LNG-related job roles remain pivotal, with top companies driving adoption globally.

To further understand GlobalData's analysis on LNG in the oil & gas industry, buy the report here.

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

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.