Recent patents in the oil & gas sector introduce innovative methods like spectral analysis and machine learning for well communication detection, improved catalyst systems for hydroisomerization, and advanced drilling fluids. Acquirers of these patents stand to benefit from enhanced operational efficiency, cost savings, and improved performance in Shale technologies, driving advancements in the industry. GlobalData’s shale market report provides comprehensive analysis of the shale market. Buy the report here.
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This article presents a quarterly round-up of the latest trends in the oil & gas industry regarding shale. It provides an overview of recent developments in shale-related deals, talent acquisition, and patent filings within the oil & gas industry.
Diverse applications of shale in oil & gas industry
Oil & Gas companies are leveraging new Shale technologies through recent patents to innovate and improve their businesses. For instance, Lamberti S.p.A. has developed Shale hydration inhibitors for subterranean treatment fluids, while Chevron Corp has patented a catalyst and process using SSZ-91 and ZSM-12 for improved base oil production. Yantai Jereh Oilfield Services Group Co Ltd introduced a liquid-cooled fracturing system, and Flex-Chem Holding Company, LLC developed a method for iron control in well treatments using time-released agents. Schlumberger Ltd's patent involves a system and method for using subterranean biological reactors. Acquiring these patents will benefit the acquirer by enhancing their capabilities in Shale technologies, leading to more efficient and effective operations in the Oil & Gas industry.
The industry experienced a 9% decline in the number of shale-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of shale-related patent applications in the oil & gas industry witnessed a drop of 6% compared with Q1 2023.
Strategic deal trends in shale 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 shale. 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 shale in the oil & gas industry.
In Q1 2024, the number of shale-related deals in the oil & gas industry declined by 36% compared with Q1 2023. On a quarterly basis, there was 10% increase in the number of deals in Q1 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q1 2024, the oil & gas industry experienced a 13% growth compared with the previous quarter. On an annual basis, job postings also declined by 13%. Notably, Installation, Maintenance, and Repair Occupations, with a share of 12%, emerged as the top shale-related job roles within the oil & gas industry in Q1 2024, with new job postings rising by 53% quarter-on-quarter. Business and Financial Operations Occupations came in second with a share of 9% in Q1 2024, with new job postings rising by 15% over the previous quarter. The other prominent shale roles include Life, Physical, and Social Science Occupations with a 9% share in Q1 2024, and Architecture and Engineering Occupations with a 9% share of new job postings.
Murphy Oil, ConocoPhillips, Occidental Petroleum, Chord Energy, and John Wood Group are among the top companies leading in shale hiring within the oil & gas industry.
Countries driving adoption of shale in oil & gas industry
The US is the leading country in shale adoption within the oil & gas industry, boasting the highest number of shale-related patents, jobs, and deals. Meanwhile, Australia, the UK, Canada and China also maintain significant positions in shale adoption within the oil & gas industry.
Shale technologies continue to drive innovation and strategic investments in the oil and gas industry, enhancing operational efficiency and effectiveness. With leading countries like the US spearheading advancements, the sector is poised for continued growth and transformation.
To further understand GlobalData's analysis on shale in the oil & gas industry, buy the report here.
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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.
