Startups in the oil & gas industry are looking to improve efficiencies and update systems across the energy value chain, as the industry reels from the Covid-induced recession.
The oil & gas industry has been hit particularly hard by the Covid-19 pandemic, with many companies in the space forced to slow or stop operations.
To address demand fallout, declining oil prices, and a longer-term shift toward renewable energy sources, digitization, advanced analytics, and automation are more important for the oil & gas industry than ever before.
Startups play a critical role in leveraging these technologies to increase efficiency at every stage of the oil & gas value chain. For example, analytics companies like Enverus and OAG Analytics are developing products to crunch geologic data to help choose the best drilling locations and well configurations. Others like Flutura connect refinery operations to enhance safety and reduce unplanned downtime.
Below, we used CB Insights data to map startups working in each segment of the oil & gas value chain. We define the oil & gas space as companies operating in the exploration and production (upstream), transportation (midstream), and refining (downstream) of oil and gas products. We exclude power generation and utilities companies.
This market map includes private, active companies only and is not intended to be exhaustive of companies in the space. Categories are not mutually exclusive and companies are categorized according to primary use case. The map is created using the CB Insights Market Map Maker.