Oil & Gas Innovation Tracker—Upstream Electrification

Oil & Gas Innovation Tracker—Upstream Electrification

As decarbonization strategies gather pace across industries, the electrification of processes in the oil and gas (O&G) industry is emerging as a pillar of growth opportunity and innovation. Frost & Sullivan has identified a complex and dynamic value chain and set of process steps where opportunities await.

Despite the significant potential to reduce carbon emissions, the electrification of O&G operations remains nascent. However, innovation among suppliers and supporting policies and regulatory frameworks from governments will boost adoption.

Most electrification technologies are commercially available, yet the high capital costs associated with replacing existing fossil fuel-based infrastructure, steep electricity prices, lack of government incentives, and poor awareness are significant barriers to O&G electrification. Yet these restraints are changing as decarbonization goals become more urgent and a period of growth for electrification looms.

This study looks specifically at 6 dynamic firms that are making a significant impact on the innovation agenda for electrification in the O&G sector and associated industries.