The global oil & gas industry experienced a 14% decline in the number of environmental sustainability-related patent applications in Q1 2023 compared with the previous quarter. The total number of environmental sustainability-related grants dropped by 25% in Q1 2023, according to GlobalData’s Patent Analytics. Environmental Sustainability is a priority in most of the industries today including Oil & Gas. GlobalData’s ESG (Environmental, Social, and Governance) Top Trends by Sector – Thematic Research report assesses the impact of ESG by identifying key trends, company filings, and hiring pattern across 16 key sectors. Buy the report here.
Notably, the number of environmental sustainability-related patent applications in the oil & gas industry was 6,963 in Q1 2023, versus 8,053 in the prior quarter.
The top five companies accounted for 10% of patenting activity
Analysis of patenting activity by companies shows that China Petrochemical filed the most environmental sustainability patents within the oil & gas industry in Q1 2023. The company filed 179 environmental sustainability-related patents in the quarter, compared with 229 in the previous quarter. It was followed by BASF with 164 environmental sustainability patent filings, LG (125 filings), and Sumitomo Chemical (107 filings) in Q1 2023.
Patenting activity was driven by China with a 32% share of total patent filings
The largest share of environmental sustainability related patent filings in the oil & gas industry in Q1 2023 was in China with 32%, followed by Japan (15%) and South Korea (12%). The share represented by China was 8% lower than the 40% share it accounted for in Q4 2022.
To further understand GlobalData's analysis on ESG (Environmental, Social, and Governance) Top Trends by Sector - Thematic Research buy the report here.
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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.
