Global Startup Heat Map highlights 10 Oil & Gas Startups to Watch in 2023
Through the Big Data & Artificial Intelligence (AI)-powered StartUs Insights Discovery Platform, which covers over 3 790 000+ startups & scaleups globally, we identified 580 Oil & Gas startups. The Global Startup Heat Map below highlights the 10 oil & gas startups you should watch in 2023 as well as the geo-distribution of all 580 startups & scaleups we analyzed for this research. Based on the heat map, we see high startup activity in the US and the UK, followed by India. These 10 startups work on solutions ranging from energy storage and drilling equipment to oil spill cleanup and production forecasting.
As the world’s largest resource for data on emerging companies, the SaaS platform enables you to identify relevant technologies and industry trends quickly & exhaustively. Based on the data from the platform, the Top 5 Oil & Gas Startup Hubs are in London, Houston, New York City, Singapore, & Calgary. The 10 hand-picked startups highlighted in this report are chosen from all over the world and develop solutions for predictive maintenance, pipeline monitoring, maintenance robots, and storage tank monitoring.
10 Top Oil & Gas Startups to Watch in 2023
The oil and gas industry is leveraging various technologies to improve its operations and increase efficiency. Technologies like artificial intelligence (AI), the internet of things (IoT), and robotics are optimizing drilling operations, improving pipeline maintenance, and increasing safety. Big data and analytics-powered platforms analyze seismic data to identify potential reserves while cloud computing enables operators to store and process large amounts of data. Additionally, renewable energy technologies like solar and wind power serve as alternatives to power operations. Overall, the industry is embracing technology to become more competitive and sustainable in the rapidly changing energy landscape.
- Renewell Energy – Gravity-based Energy Storage
- Cortex – Oil Production Forecasts
- Axon4D Technologies – Storage Tank Monitoring
- Pipein – Predictive Pipeline Maintenance
- Agile Spray Response – Oil Spill Dispersion
- ATINUM – IoT-based Pipeline Monitoring
- Octobotics Tech – Magnetic Crawler Robots
- Predico – Reservoir Analytics
- Hydrotell – Continuous Reservoir Monitoring
- MODUS Oilfield – Drilling Equipment
Renewell Energy offers Gravity-based Energy Storage
US-based startup Renewell Energy repurposes existing oil wells and converts them into renewable energy storage systems. The startup retrofits grid-connected inactive wells with a proprietary gravity-based mechatronic energy conversion system along with smart controls. Moreover, the solution leverages existing oil well infrastructure including wellbore vertical drop, electrical infrastructure from previous pumpjacks, communications networks, and roads. This reduces the environmental impact of abandoned oil wells while reducing the capital expenditure on energy generation.
Cortex delivers Oil Production Forecasts
Cortex is a Finnish startup that develops an AI-based forecasting platform for the oil and gas industry. The startup’s Cortex NeuralAI platform predicts oil production and optimizes schedules through the identification of trends and patterns in data and operations. Additionally, it reduces capital and operating expenditures by enabling oil companies to make informed decisions about resource allocation. Moreover, Cortex NeuralAI combines vast amounts of O&G industry data with machine learning (ML) to enable oil companies to better understand and predict their oil production.
Axon4D Technologies simplifies Storage Tank Monitoring
Canadian startup Axon4D Technologies provides a fiberoptic sensor technology to monitor and manage storage tanks. Its Fiber Optic Sensing System (FOSS) monitors the floating roof level as well as the tilt and fill level of tanks to identify issues with tank structural integrity. It features wet sensing to identify water or hydrocarbons present on pontoons with all the data available and presented on a web-based portal. The startup’s monitoring solution thus mitigates risks arising from storage tank structural issues through real-time monitoring.
Pipein enables Predictive Pipeline Maintenance
Pipein is an Italian startup that specializes in robotic predictive maintenance to reduce the risk of breakage in oil and gas pipelines. The startup’s robot, Shark4, is an autonomous robotic probe that monitors pipes from within them. It also integrates various sensors according to mission requirements and fully automates standardized testing campaigns. Besides, the robot inspects a 1km long section of pipelines in under 6 hours while leveraging AI to process the collected data. Together with the SeeHorse data aggregation software, Pipein greatly reduces the cost and effort required for monitoring and maintaining critical pipeline infrastructure.
Agile Spray Response facilitates Oil Spill Dispersion
UK-based startup Agile Spray Response creates a cost-effective aerial spray solution to disperse oil spills in marine environments. The startup’s Agile Convert Spray System (ACSS) enables a Boeing 737 cargo aircraft to be deployed for spray services without interruption to its revenue-generating cargo flights. Its modular air cargo palletized aerial spray system features both EASA and FAA approvals and makes aircraft mission capable in three hours. This way, the solution removes the need to maintain single-purpose aircraft whose only function is to control oil spills in marine environments.
ATINUM provides IoT-based Pipeline Monitoring
ANTIUM is a Saudi Arabian startup that specializes in industrial IoT (IIoT)-based asset analytics and management. The startup’s corrosion detection and monitoring solution utilizes ultrasounds to monitor pipeline thickness and corrosion in real-time. Further, the startup’s sound-based solution forecasts equipment failure using an AI engine, which also delivers early warning notifications to schedule maintenance. ANTIUM’s technology enables oil and gas pipeline operators to reduce the risk of disruption while improving safety and regulatory compliance.
Octobotics Tech creates Magnetic Crawler Robots
Indian startup Octobotics manufactures robots equipped with manipulators containing modular surface preparation tools. The data from the robots are sent to a software dashboard that translates the inspection data into comprehensive 3D maps and models. Besides, measuring defects and taking 360-degree measurements, the robots feature modular non-destructive testing (NDT) payloads and real-time video streaming. Additionally, the robots enable augmented reality (AR)-based inspection, which further improves the capabilities of remote maintenance in critical oil and gas infrastructure.
Predico delivers Reservoir Analytics
Predico is an Australian startup that provides a reservoir and production engineering software platform, Advanced Flow Analytics (AFA). It features a variety of analytics modules for gas modeling (GAZ), decline analysis (SPAD), wellbore modeling (LINIYA), Monte Carlo simulations (KOLDUN), and more. These modules enable cloud-based reservoir description, production analysis, oil and rate forecasting, and the rapid performance evaluation of conventional and unconventional reservoirs. Predico’s models allow project operators and managers to focus on data interpretation and decision-making rather than data modeling.
Hydrotell ensures Continuous Reservoir Monitoring
Norwegian startup Hydrotell develops a solution to continuously monitor reservoirs by measuring the pressure difference between the hydrocarbon phase and water. The startup’s technology identifies new infill drilling targets and reduces production from wells located near oil-water contact (OWC) and controls production from different parts of the borewell. The solution continuously also measures water pressure in producing wells to determine if a section of a specific well needs to be choked back before the water breaks through.
MODUS Oilfield manufactures Drilling Equipment
MODUS Oilfield is a Saudi Arabian startup that makes equipment to improve oil drilling. The startup’s Advanced Lockin Roller Reamer features redundant and independent locking and pressure compensation mechanisms to minimize the risk of cutter loss in wells. Some of its other products include a hole cleaner and reopener with a unique blade profile for cutting bed agitation. the startup also offers BitAnalytics, a drill bit life cycle analysis platform. MODUS Oilfield’s solutions make oil and gas drilling operations safer, faster, and more economical.
Discover All Emerging Oil & Gas Startups
The oil & gas startups showcased in this report are only a small sample of all startups we identified through our data-driven startup scouting approach. Download our free Oil & Gas Innovation Report for a broad overview of the industry or get in touch for quick & exhaustive research on the latest technologies & emerging solutions that will impact your company in 2023!
