Startups in the oil & gas industry are looking to improve performance at every level of the value chain, from extraction to refining.
The energy industry is highly complex and technologically challenging, presenting plenty of opportunity for innovation. This complexity, coupled with tremendous pressure to reduce costs, extend oilfield life, and reduce environmental impact, has led to the formation of a diverse startup ecosystem in the oil & gas industry.
Oil exploration, for example, is particularly primed for digitization due to the vast quantities of data involved. Analytics startups like DrillingInfo and OAG Analytics are targeting this space with products to crunch geologic data to help choose the best drilling locations and well configurations.
Top oil & gas companies are also investing significant R&D spend and venture funding in analytics, seismic imagining, hydraulic fracturing, and environmental impact technologies. This investment is complemented by startups offering new technologies to the oil & gas industry.
We used CB Insights data to map startups with applications 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.