The oil and gas sector is witnessing the emergence of novel companies introducing innovative technologies addressing various challenges faced by the industry. These new oil and gas companies are elevating industry efficiency through well leakage prevention, drone-based refinery inspections, 3D terrain analysis, electrochemical corrosion detection kits, and much more. This article highlights ten such companies, showcasing their contributions to enhanced efficiency, safety, and sustainability in the oil and gas industry.
Read on to gain up-to-date and data-driven insights on:
- Top Trends Impacting the Oil and Gas Sector
- Profiles of 10 Emerging Oil & Gas Companies
- How to Scout New Oil and Gas Companies Easily
Key Takeaways
Drawing insights from the Big Data & AI-powered StartUs Insights Discovery Platform that provides data on over 4.7+ million emerging companies globally, we explore the evolving landscape of the oil and gas industry. This sector is marked by key trends and a substantial workforce, shaping its future. Here are some key insights at a glance:
- Current Oil and Gas Trends: Major oil and gas industry trends include robotics and automation for reducing human exposure to harmful environments, 3D modeling, and visualization to enable data-driven exploration. They also include immersive technologies for enhancing worker training, the internet of things for sensor-based asset monitoring, and artificial intelligence for predictive maintenance.
- Oil and Gas Industry Stats: The global oil and gas industry encompasses 131K+ organizations and has a massive 18.5 million workforce. It is experiencing a dip of 0.95% in annual growth rate but has seen the emergence of 12K+ new oil and gas companies in the past five years. These companies maintain an average workforce of 49 employees per organization and witness 2020 as the average founding year. They have also drawn considerable investment, with an average funding per round of USD 43.9 million.
- 10 Top Oil and Gas Companies to Watch::
- BioSqueeze – Well Leakage Prevention
- Corrolytics – Electrochemical Corrosion Detection Kit
- Endla – Digital Twin for Asset & Workflow Monitoring
- SKYLINE DRONES – Drone & VR-based Oil Refinery Inspection
- MSDI – 3D Terrain Analysis & Facility Planning
- WellRx – Advanced Downhole Oilfield Equipment
- Pivoten – Oilfield Intelligence & Investment Tracking
- FieldPro – Oilfield Operations Management Software
- BidOut – Oil and Gas Procurement Platform
- NEFTLINK – B2B Oil and Gas Marketplace
Technology Trends Advancing the Oil and Gas Industry
Robotics & Automation
Robotics and automation offer safer and more efficient operational solutions. Automated drilling rigs, robotic inspection systems, and unmanned aerial vehicles reduce human exposure to hazardous environments and perform repetitive tasks more accurately and tirelessly. This shift not only improves safety but also significantly cuts operational costs and increases efficiency.
3D Modeling & Visualization
3D modeling and visualization technologies provide detailed representations of geological formations, infrastructure, and operations. These tools assist in exploration, planning, and decision-making processes, offering a comprehensive view of subsurface environments and facility layouts. Enhanced accuracy in modeling reduces risks and enables better planning and resource allocation.
Immersive Technologies
Immersive technologies, such as virtual reality (VR) and augmented reality (AR), are enhancing training, maintenance, and operational procedures. By simulating real-world environments and scenarios, these technologies provide hands-on experience without the associated risks, improving safety and efficiency. Additionally, AR can overlay critical information during maintenance tasks, streamlining processes and reducing errors.
Internet of Things (IoT)
IoT enables real-time oil and gas data collection and analysis. Sensors and smart devices monitor equipment health, environmental conditions, and operational efficiency, facilitating predictive maintenance, reducing downtime, and enhancing safety. This interconnectedness ensures seamless operations and informed decision-making, significantly optimizing resource management and energy consumption.
Artificial Intelligence (AI)
AI improves decision-making processes and operational efficiency. AI algorithms analyze vast datasets to predict oil and gas equipment failures, optimize drilling operations, and enhance reservoir management. By leveraging machine learning and data analytics, companies uncover valuable insights, leading to cost reductions, increased productivity, and minimized environmental impact.
Must read: Discover Top 10 Oil and Gas Industry Trends (2024)
Discover 10 Out of 10K+ Emerging Oil and Gas Companies
The oil and gas industry has seen significant technological advancements leading to improved efficiency and safety. In this section, we feature a hand-picked list of oil and gas companies contributing to these advancements with specific innovations. They focus on areas such as digital twin-based asset and workflow monitoring, the development of advanced downhole oilfield equipment, methods for well leakage prevention, the introduction of electrochemical corrosion detection kits, and more.
Note on Signal Strength
One of the unique metrics we feature for each company is Signal Strength, a proprietary data point generated by our Discovery Platform. Signal Strength gauges the extent to which a company’s influence has permeated the global ecosystem of startups, scaleups, and emerging companies. This proprietary metric serves as a valuable guidepost for understanding a company’s standing in the broader market landscape.
1. BioSqueeze
- Founding Year: 2021
- Employee Range: 11-50
- Location: USA
- Signal Strength: Very Strong
- What they do: BioSqueeze enables well leakage prevention through biomineralization. The process utilizes non-hazardous soil bacteria combined with safe, common chemicals to create a fluid that transforms into crystalline calcium carbonate. This solution, similar in viscosity to water, penetrates micro-annuli, sealing leaks at their source within well structures. The resulting limestone-like material permanently seals leakage pathways, binding to rock, cement, and steel. BioSqueeze identifies leakage pathways, places bridge plugs, and pumps the biomineralization solution to target zones, ensuring deep penetration and effective sealing. It eliminates sustained annular pressure and solves well integrity issues.
2. Corrolytics
- Founding Year: 2020
- Employee Range: 2-10
- Location: USA
- Signal Strength: Very Strong
- What they do: Corrolytics develops an electrochemical test kit technology to measure and differentiate between microbiologically influenced corrosion (MIC) and other corrosion types. The solution offers real-time results, significantly reducing the time from detection to action compared to traditional methods. This rapid detection allows for immediate remedial action, reducing the need for excessive biocide use and thereby saving costs.
3. Endla
- Founding Year: 2019
- Employee Range: 2-10
- Location: Australia
- Signal Strength: Very Strong
- What they do: Endla develops cloud software solutions for enhancing the lifetime value of oil and gas wells. Its main products include Deep Insight, a digital twin platform for monitoring oil & gas assets; AlphaSpace for automating well casing tallies; AlphaStim for automating straddle and plug and perf fracture designs; and Pipelines for automating pipeline design workflows. These solutions, built on the Deep Insight 3D environment, focus on automation, optimization, and auto-design to help teams achieve lower costs and higher performing upstream assets.
4. SKYLINE DRONES
- Founding Year: 2019
- Employee Range: 11-50
- Location: Romania
- Signal Strength: Very Strong
- What they do: SKYLINE DRONES utilizes drones with ultrasonic sensors for non-destructive inspections, reducing scaffolding needs and maintenance time. Its drones perform safe, precise indoor and outdoor inspections, such as spill detection, flare stack inspection, pipeline integrity checks, and internal tank measurements. Additionally, the company’s VR-based 3D Oil Refinery Virtual Tour enables precise measurements, equipment tagging for inventory and maintenance, and improved team collaboration. It also facilitates safety training and inductions for new employees through interactive 3D walkthroughs, ensuring anytime access and site-specific training.
5. MSDI
- Founding Year: 2019
- Employee Range: 2-10
- Location: Indonesia
- Signal Strength: Very Strong
- What they do: MSDI specializes in aerial oil and gas inspections. Its offerings include laser scanning (Lidar) and 3D modeling for terrain analysis and facility planning. These processes generate high-precision plans and detailed 3D models, aiding in the construction and maintenance of pipelines, tanks, and refineries. MSDI’s drones, equipped with cameras and sensors, provide asset inspection, reducing the need for hazardous manual checks and minimizing downtime. The company also enables ortho imagery that provides updated, geo-referenced site maps, improving site planning and monitoring.
6. WellRx
- Founding Year: 2020
- Employee Range: 11-50
- Location: India
- Signal Strength: Very Strong
- What they do: WellRx offers a range of completion equipment, liner systems, thru-tubing equipment, casting accessories, and service tools for the oil & gas industry. Its completion equipment includes Intelligent Completion Packers, ESP Completion Packers, and Swell Packers. These withstand high pressure, high temperature, and corrosive environments. One of its notable thru-tubing equipment is Deep Gas Lift System (GURV). It delivers gas lift beyond the setting depth of the completion packer, converting wells to gas lift without the need for a workover, installed rig-free with coiled tubing.
7. Pivoten
- Founding Year: 2020
- Employee Range: 11-50
- Location: USA
- Signal Strength: Very Strong
- What they do: Pivoten builds an oilfield intelligence platform Pivoten 360° to streamline the management of resources, production, and staff. It enables operators and service companies to oversee their operations in real time from anywhere, enhancing efficiency and productivity. Pivoten’s other product, Well Profits is an oil and gas investment tracking software that tracks and analyzes royalty and mineral interest data. It features income and expense tracking, integrates with QuickBooks, and has a built-in accounting system. It automates financial data management and offers reports and graphs for detailed investment analysis.
8. FieldPro
- Founding Year: 2019
- Employee Range: 1-10
- Location: Canada
- Signal Strength: Very Strong
- What they do: FieldPro builds an oilfield operations management software. Key features include third-party reporting, and Google Maps integration for easy site navigation and logistical planning. The software supports field ticket and timesheet management, invoice exporting with major accounting software integrations, and dynamic pricing strategies. FieldPro enhances operational efficiency with asset management, fleet management, marketing, and sales tracking tools. Moreover, with a mobile-first approach and online/offline sync, the platform ensures widespread adoption among field workers who work in remote locations.
9. BidOut
- Founding Year: 2020
- Employee Range: 11-50
- Location: USA
- Signal Strength: Very Strong
- What they do: BidOut offers an oil and gas procurement platform that enables users to create, communicate, view, and award bids efficiently. The OFS Provider Directory aids in discovering and sourcing suppliers based on specific service expertise or geographic location, while also allowing suppliers to market directly to oil and gas operators. Additionally, the 3-Bids & Buy Platform simplifies the procurement workflow for field personnel, with customizable spending approvals and a full audit trail.
10. NEFTLINK
- Founding Year: 2021
- Employee Range: 2-10
- Location: UAE
- Signal Strength: Very Strong
- What they do: NEFTLINK builds a B2B oil and gas marketplace that facilitates the buying, selling, and renting of oilfield equipment, spare parts, tools, chemicals, and services. The platform offers features like intelligent search, targeted marketing, and a global reach. NEFTLINK thus benefits operators, service companies, OEMs, and equipment stockists by offering a streamlined process for managing inventory and finding necessary equipment.
Tips to Quickly Find New Oil and Gas Companies
Utilizing a SaaS platform like the Discovery Platform for identifying new oil and gas companies provides significant benefits compared to traditional scouting methods:
- Streamlined Efficiency: The Discovery Platform offers advanced tools that streamline the scouting process. It replaces your hours of conventional desk research, saving time and resources in identifying oil and gas innovations.
- Access to Real-time Insights: Gain a competitive edge with up-to-date information on the latest trends in the oil and gas industry. The platform keeps you informed with near real-time updates on emerging oil and gas companies and news, enabling you to make swift and informed decisions.
- Tailored Exploration: Customize your search to focus on specific niches within the oil and gas sector, such as well leakage prevention, 3D oilfield visualization, or drone-based oilfield monitoring. The platform’s diverse filtering options allow you to target your scouting efforts precisely, ensuring that you find the most relevant and groundbreaking companies in the field.
Ready to Explore All Oil & Gas Companies?
We’ve explored the dynamic landscape of the oil and gas industry, examining the latest trends and spotlighting exceptional companies driving innovation. To dive deeper, download our detailed free Oil & Gas Report or schedule a demo of the Discovery Platform for a customized exploration of these groundbreaking developments.
