Renewable energy is becoming integral to the oil & gas sector, as industry leaders pioneer innovative technologies through recent patents. These advancements cover enhanced processes that help in prioritizing efficiency, cost-effectiveness, and sustainability. The industry is experiencing a notable surge in renewable energy-related deals and job postings, highlighting the growing significance of sustainable practices within oil & gas. GlobalData’s renewable energy market report provides comprehensive analysis of the renewable energy market. 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 in oil & gas industry
Oil & gas companies like BP, Honeywell, Dow Inc, and Technip Energies France are leveraging new Renewable Energy technologies through recent patents. BP's process for Fischer-Tropsch synthesis allows for the production of hydrocarbons and oxygenates from methane, while Honeywell's high selectivity polyimide/PES blend hollow fiber membrane enables efficient gas separations. Dow Inc's foam control agent aids in bioethanol processing, and Nemaska Lithium Inc's process produces lithium carbonate. Technip Energies France's hydrogen plant efficiently produces a hydrogen-comprising gas product. These technologies showcase the companies' commitment to innovation in renewable energy, offering improved processes for hydrocarbon production, gas separations, bioethanol processing, lithium production, and hydrogen generation. Acquirers stand to benefit from enhanced efficiency, cost-effectiveness, and sustainability in their operations.
The industry experienced a 52% decline in the number of renewable energy-related patent applications in Q4 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 27% compared with Q4 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 Q4 2023, the number of renewable energy-related deals in the oil & gas industry grew by 89% compared with Q4 2022. On a quarterly basis, there was 55% increase 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 3% growth compared with the previous quarter. On an annual basis, job postings also declined by 23%. Notably, architecture and engineering occupations, with a share of 15%, emerged as the top renewable energy-related job roles within the oil & gas industry in Q4 2023, with new job postings rising by 12% quarter-on-quarter. Management occupations came in second with a share of 11% in Q4 2023, with new job postings rising by 10% over the previous quarter. The other prominent renewable energy roles include installation, maintenance, and repair occupations with a 10% share in Q4 2023, and transportation and material moving occupations with a 8% share of new job postings.
Suburban Propane, SBM Offshore, Worley, NES Global Talent Norge, and Viva Energy Group 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, Canada, Australia, India and the UK also maintain significant positions in renewable energy adoption within the oil & gas industry.
Renewable energy is transforming the Oil & gas industry, as companies embrace innovative technologies for hydrocarbon production, gas separations, bioethanol processing, lithium production, and hydrogen generation. Despite a recent decline in patent applications, the sector is witnessing a surge in renewable energy-related deals and job postings, reflecting a strategic shift towards sustainable practices and operational excellence.
To further understand GlobalData's analysis on renewable energy in the oil & gas industry, buy the report here.