Recent innovations in LNG technology encompass various advancements, including enhanced storage units for mobile hydrogen applications, safer hydrogen transportation systems, improved cryogenic liquid tanks, and monitoring devices for pressure container systems. However, despite these advancements, the industry witnessed a notable decline in LNG-related patent applications and deal activities, coupled with decreased job postings within LNG-related roles in the oil & gas sector, signaling potential shifts in industry focus and dynamics. GlobalData’s LNG Liquefaction Terminals Capacity and Capital Expenditure market research report offers comprehensive historical data from 2017 to 2022 and forecasts up to 2027, aiding in accessing current insights and identifying growth 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 pioneering LNG technologies have introduced innovative solutions for enhanced storage, transportation, and monitoring systems. Robert Bosch Stiftung GmbH developed a compressed gas storage unit for mobile hydrogen applications, ensuring safe onboard storage through a metal housing with temperature and pressure-sensitive overload valves, shielded by a heat protection layer. H2 Clipper, Inc. devised a hydrogen delivery system within a safety pipe, utilizing sweeper gas to purge escaped hydrogen, ensuring secure transportation. Airbus SE innovated a cryogenic liquid tank for aircraft, featuring integrated signal and power lines, simplifying monitoring through a conductive track structure. Bayerische Motoren Werke AG patented a device to monitor pressure container system usage in equipment, collecting and comparing data for optimal utilization. These advancements underscore the industry's commitment to safer and more efficient LNG applications.
Lastly, Air Liquide SA has developed a device for storing cryogenic fluid, which includes a sealed internal shell, thermal insulation layer, sealed external shell, and a protective shell. The space between the internal and external shells is under vacuum, and the thermal insulation layer is of the "pressure-responsive" type. This design ensures efficient and secure storage of cryogenic fluids.
By acquiring these patents, the acquirer will benefit from improved LNG technologies and applications. These innovations enhance the safety, efficiency, and reliability of storing, transporting, and utilizing LNG, particularly in the areas of compressed gas storage, hydrogen delivery, cryogenic liquid tanks, and pressure container system monitoring. These advancements will enable the acquirer to stay at the forefront of LNG technology and provide better solutions to meet the growing demand for LNG in various industries.
The industry experienced a 43% decline in the number of LNG-related patent applications in Q3 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 25% compared with Q3 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 Q3 2023, the number of LNG-related deals in the oil & gas industry declined by 5% compared with Q3 2022. On a quarterly basis, there was 17% drop in the number of deals in Q3 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q3 2023, the oil & gas industry experienced a 16% drop compared with the previous quarter. On an annual basis, job postings also declined by 22%. Notably, architecture and engineering occupations, with a share of 17%, emerged as the top LNG-related job roles within the oil & gas industry in Q3 2023, with new job postings drop by 14% quarter-on-quarter. Business and financial operations occupations came in second with a share of 10% in Q3 2023, with new job postings dropping by 25% over the previous quarter. The other prominent LNG roles include management occupations with a 9% share in Q3 2023, and computer and mathematical occupations with a 7% share of new job postings.
Venture Global LNG, NES Global Talent Norge, Exxon Mobil, John Wood Group, and Shell 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, Greece, Malaysia and Australia 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. Architecture and engineering occupations and business and financial operations occupations were the top LNG-related job roles. Shell, Koninklijke Vopak, John Wood Group, Exxon Mobil, and Venture Global LNG played leading roles in LNG hiring. 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.
Premium Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
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.
