The oil & gas industry is embracing renewable energy technologies, patenting innovations like diesel reforming apparatus and solutions for photovoltaic intermittency. Despite declining patent applications, strategic deals are increasing, and architecture and engineering job postings are rising, demonstrating a commitment to sustainability and innovation. As renewable energy gains prominence in the global energy mix, major oil and gas companies compete to position themselves for investments in this evolving sector. GlobalData’s Renewable Energy in Oil and Gas Thematic Intelligence report highlights the various trends, analyses the solar, wind power, and biopower value chains and identifies top players across different segments. Buy the report here.

This article presents a quarterly round-up of the latest trends in the oil & gas industry regarding renewable energy. It provides an overview of recent developments in renewable energy-related deals, talent acquisition, and patent filings within the oil & gas industry.

Diverse applications of renewable energy technology in oil & gas industry

Oil & Gas companies are at the forefront of adopting innovative renewable energy technologies to enhance their operations. Notably, Saudi Arabian Oil Co has developed a diesel reforming apparatus for solid oxide fuel cells, featuring various units like autothermal reforming and desulfurization, resulting in more efficient steam reforming. Petroleo Brasileiro SA addresses photovoltaic power generation intermittency with a system to smooth variability caused by weather. Saipem SpA introduces an offshore assembly combining a semi-submersible support structure with wind turbines for electricity generation, alongside equipment housing solutions. Chongqing University's patent enables hydrogen production through water electrolysis via a hydrogen evolution electrode. Samsung SDI Co Ltd contributes with a composition for encapsulating organic light emitting elements, benefiting organic light emitting element display device manufacturing.

By acquiring these patents, oil & gas companies can benefit from advancements in renewable energy technologies and applications, allowing them to diversify their energy portfolios and contribute to a more sustainable future.

The industry experienced a 20% decline in the number of renewable energy-related patent applications in Q2 2023 compared with the previous quarter. On an annual basis, the number of renewable energy-related patent applications in the oil & gas industry witnessed a drop of 10% compared with Q2 2022.

Strategic deal trends in renewable energy 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 renewable energy. 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 renewable energy in the oil & gas industry.

In Q2 2023, the number of renewable energy-related deals in the oil & gas industry grew by 13% compared with Q2 2022. On a quarterly basis, there was 23% drop 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 5% drop compared with the previous quarter. On an annual basis, job postings also grew by 71%. Notably, Architecture and Engineering Occupations, with a share of 14%, emerged as the top renewable energy-related job roles within the oil & gas industry in Q2 2023, with new job postings drop by 9% quarter-on-quarter. Management Occupations came in second with a share of 12% in Q2 2023, with new job postings dropping by 5% over the previous quarter. The other prominent renewable energy roles include Computer and Mathematical Occupations with a 10% share in Q2 2023, and Business and Financial Operations Occupations with a 8% share of new job postings.

SBM Offshore, Shell, Koch Industries, NES Global Talent Norge, and Suburban Propane are among the top companies leading in renewable energy hiring within the oil & gas industry.

Countries driving adoption of renewable energy in oil & gas industry

The US is the leading country in renewable energy adoption within the oil & gas industry, boasting the highest number of renewable energy-related patents, jobs, and deals. Meanwhile, the UK, China, Australia and India also maintain significant positions in renewable energy adoption within the oil & gas industry.

In conclusion, while renewable energy patent applications have seen a recent decline, strategic deals have shown growth in Q2 2023. Job postings, especially in architecture and engineering occupations, have increased annually despite a slight quarterly drop. The United States leads in renewable energy adoption, with global players actively embracing sustainability within the oil & gas industry.

To further understand GlobalData's analysis on renewable energy 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.