In the ever-evolving landscape of the oil & gas industry, LNG takes center stage as a catalyst for innovation and growth. Companies are harnessing cutting-edge technologies, backed by a surge in patents, to optimize LNG operations. Meanwhile, strategic deals and shifts in the job market underscore LNG’s pivotal role in shaping the industry’s future. GlobalData’s LNG market report provides the most up-to-date information available on the LNG liquefaction projects globally and identify growth segments and opportunities in the global LNG industry. 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 in the field of LNG are leveraging new technologies and applications to innovate and improve their businesses. These companies have recently acquired patents that will benefit them in terms of LNG technologies and applications. One patent titled "Environmentally friendly multifuel fueling platform" describes a platform that supports the passage of land vehicles beneath it while providing operational supply of liquid, gaseous, and electrical energies. Another patent titled "Two-phase thermal pump" focuses on a fluid storage tank that can store cooling fluid in both liquid and gas states, allowing for efficient heat exchange. Additionally, a patent titled "Mixed refrigerants in LNG cascade" introduces methods and systems for liquefying natural gas using environmentally-friendly low combustibility refrigerants. These patents will enable the acquirer to enhance their LNG operations, improve efficiency, and contribute to environmentally friendly practices in the industry.

The industry experienced a 2% decline in the number of LNG-related patent applications in Q2 2023 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 7% compared with Q2 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 Q2 2023, the number of LNG-related deals in the oil & gas industry declined by 13% compared with Q2 2022. On a quarterly basis, there was 31% increase in the number of deals in Q2 2023 compared with the previous quarter.

Impact on hiring

In terms of new job posting, in Q2 2023, the oil & gas industry experienced a 7% drop compared with the previous quarter. On an annual basis, job postings also grew by 10%. Notably, architecture and engineering occupations, with a share of 17%, emerged as the top LNG-related job roles within the oil & gas industry in Q2 2023, with new job postings drop by 12% quarter-on-quarter. Business and financial operations occupations came in second with a share of 11% in Q2 2023, with new job postings dropping by 0.72% over the previous quarter. The other prominent LNG roles include management occupations with a 10% share in Q2 2023, and computer and mathematical occupations with a 10% share of new job postings.

Shell, Koninklijke Vopak, John Wood Group, Exxon Mobil, and Venture Global LNG 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, China, Australia, Qatar and Germany also maintain significant positions in LNG adoption within the oil & gas industry.

In conclusion, the oil & gas industry saw a slight decline in LNG-related patent applications both quarterly and annually. Strategic deals decreased compared to the previous year but showed a quarterly increase. Job postings exhibited a slight quarterly drop but grew annually and the US remained the primary driver of LNG adoption, with China, Australia, Qatar, and Germany also contributing significantly to the industry.

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.