START-UPS DRIVING INNOVATION IN UPSTREAM OIL & GAS
Over the past decade, the oil and gas industry has seen major volatility with the price of oil as high as $130 per barrel to as low as $30 per barrel. Today we are seeing an outburst of start-ups and a changing culture that is founded on innovation. The industry is currently witnessing the “Golden Age” of emerging technology developments and is poised to benefit from innovation designed to help the upstream oil and gas industry reduce costs and improve recovery rates. While some oil & gas companies are developing unique innovations themselves, the industry is benefiting from a surge in start-up companies focused on digital transformation and radical change proving that the oil and gas start-up ecosystem is alive and growing.