The oil and gas industry is pushing forward with innovations in LNG technology, driven by new patents and advancements. Key developments include autonomous pipeline management systems, enhanced carbon capture processes, and improved heat exchanger technologies. The sector is also witnessing a notable increase in LNG-related deals and a modest rise in job postings, reflecting its growing importance. These innovations are not only improving operational efficiency but also supporting the industry’s shift towards more sustainable practices. GlobalData’s LNG market report provides comprehensive analysis of the market. 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 and gas companies are advancing their LNG operations through innovative patent developments aimed at enhancing efficiency and sustainability. Recent patents include a system for autonomous pipeline management, which optimizes control and reduces manual intervention, thereby improving operational speed and safety. Additionally, a novel process for the separation and liquefaction of methane and carbon dioxide enhances carbon capture capabilities, aligning with environmental goals. Air Liquide's heat exchanger technology further improves the efficiency of biphasic material dispensing, crucial for LNG processing. These advancements not only streamline operations but also support the industry's transition towards greener practices, positioning these companies for competitive advantage in the evolving energy landscape.
The industry experienced a 9% decline in the number of LNG-related patent applications in Q2 2024 compared with the previous quarter. On an annual basis, the number of LNG-related patent applications in the oil & gas industry witnessed a rise of 9% compared with Q2 2023.
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 2024, the number of LNG-related deals in the oil & gas industry grew by 17% compared with Q2 2023. On a quarterly basis, there was 4% drop in the number of deals in Q2 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2024, the oil & gas industry experienced a 5% growth compared with the previous quarter. On an annual basis, job postings also declined by 21%. Notably, architecture and engineering occupations, with a share of 18%, emerged as the top LNG-related job roles within the oil & gas industry in Q2 2024, with new job postings rising by 24% quarter-on-quarter. Production occupations came in second with a share of 9% in Q2 2024, with new job postings rising by 47% over the previous quarter. The other prominent LNG roles include management occupations with an 8% share in Q2 2024, and business and financial operations occupations with a 6% share of new job postings.
Venture Global LNG, John Wood Group, Santos, Energy Transfer, and NES Global Talent Norge 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, Australia, Singapore, Japan and China also maintain significant positions in LNG adoption within the oil & gas industry.
In conclusion, the oil and gas sector is advancing LNG technology with new patents enhancing pipeline management, carbon capture, and processing efficiency. These innovations are driving increased deals and job growth in the industry, highlighting LNG's role in the evolving energy landscape.
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.
