In the evolving oil & gas industry, recent patents highlight advancements in shale technologies, including communication detection and hydroisomerization catalysts. Despite a recent decline in shale-related patent applications, ongoing strategic investments demonstrate the industry’s commitment to progress. Job postings, particularly in architecture and engineering occupations, emphasize the industry’s continuous focus on shale applications. The US leads in shale adoption, reflecting a broader commitment to innovation and advancements within the sector.GlobalData’s shale market report provides comprehensive analysis of the shale market. Buy the report here.
Smarter leaders trust GlobalData
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. Momentum AI, LLC's patent focuses on using spectral analysis and machine learning to detect offset well communication, while Chevron U.S.A Inc's patent involves an improved catalyst system for hydroisomerization. Uniquem Inc's patent introduces ternary deep eutectic solvents for use as drilling fluids, and Schlumberger Ltd's patent presents a hydraulic fracturing valve system. Liberty Energy Inc's patent offers systems and methods for hybrid model hydraulic fracture pressure forecasting. These patents showcase advancements in detecting communication between wells, improving base oil production, enhancing drilling fluid efficiency, optimizing valve systems, and forecasting hydraulic fracture pressure. Acquirers of these patents stand to benefit from enhanced operational efficiency, cost savings, and improved performance in Shale technologies and applications.
The industry experienced a 12% decline in the number of shale-related patent applications in Q4 2023 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 9% compared with Q4 2022.
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 Q4 2023, the number of shale-related deals in the oil & gas industry declined by 53% compared with Q4 2022. On a quarterly basis, there was 54% drop 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% drop compared with the previous quarter. On an annual basis, job postings also declined by 41%. Notably, architecture and engineering occupations, with a share of 12%, emerged as the top shale-related job roles within the oil & gas industry in Q4 2023, with new job postings drop by 28% quarter-on-quarter. Installation, maintenance, and repair occupations came in second with a share of 8% in Q4 2023, with new job postings rising by 3% over the previous quarter. The other prominent shale roles include business and financial operations occupations with an 8% share in Q4 2023, and life, physical, and social science occupations with a 7% share of new job postings.
ConocoPhillips, Occidental Petroleum, Murphy Oil, Chord Energy, and Saudi Arabian Oil 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, China, Canada, Australia and the UK also maintain significant positions in shale adoption within the oil & gas industry.
In the evolving landscape of the oil & gas industry, advancements in shale technologies, despite recent challenges, highlight a commitment to innovation and operational excellence. These efforts underscore the industry's adaptability and focus on driving continuous improvements for enhanced efficiency and performance.
To further understand GlobalData's analysis on shale in the oil & gas industry, buy the report here.
Data 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.
