Startups in oil & gas are looking to improve efficiencies and update systems across the energy value chain, as the industry bounces back from a 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 as well as a longer-term shift toward renewable energy sources, digitization, advanced analytics, and automation are more important 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 ServiceMax are developing products to crunch geologic data to help choose the best drilling locations and well configurations. Others like Uptake connect refinery operations to enhance safety and reduce unplanned downtime.
The industry is also embracing sustainable fuels as a way to shift away from carbon-intensive exploration and production. Tech companies like LanzaTech and Monolith are looking to convert carbon emissions into new fuel sources.
Below, we used CB Insights data to map startups innovating 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 & gas products, as well as those producing sustainable fuels. 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.