Startups in the oil & gas industry are working to improve performance at every level of the value chain, from extracting resources to refining final products.
The energy industry is one of the most technologically challenging spaces, and tech startups operating in the oil & gas space work to help producers and service companies grapple with the expense, risk, and complexity of extracting resources.
Since the 2014 crash in oil prices, O&G companies have been under intense pressure to reduce costs. These pressures, coupled with attempts to extend oilfield life and regulatory pressure to reduce environmental impact, create potential for innovation in the space.
Oil exploration is particularly primed for digitization because of the large quantity of data involved. Analytics startups like DrillingInfo and OAG Analytics aim to help O&G companies analyze exploration data to choose the best drilling locations and well configurations.
At the production phase, companies are using industrial internet of things (IIoT) technology to connect drilling rigs. Startups like WellAware use connected devices to help O&G companies boost production and predict equipment maintenance needs.
Top O&G companies have invested significant R&D spend and venture funding in analytics, seismic imagining, hydraulic fracturing, and environmental impact technologies. Investment by O&G companies is complemented by an ecosystem of startups selling to the O&G industry.
We used CB Insights data to map startups with applications in each segment of the O&G 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 meant to be exhaustive of companies in the space. Categories are not mutually exclusive and companies are categorized according to primary use case.
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