Meet 20 Novel Oil & Gas Startups to Watch in 2024

How do technological innovations impact the oil & gas sector in 2024? Discover the top 20 hand-picked Oil & Gas Startups to Watch in 2024 in this report & learn about their solutions, spanning abandoned well recycling, production forecasting, asset monitoring, assisted maintenance & more!

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. Dive into our curated list of 20 oil & gas startups to watch in 2024 and discover the trailblazers shaping the next era of oil & gas innovation.

20 Oil & Gas Startups to Watch in 2024

Global Startup Heat Map highlights 20 Oil & Gas Startups to Watch

Through the Big Data & Artificial Intelligence (AI)-powered StartUs Insights Discovery Platform, covering over 3 790 000+ startups & scaleups globally, we identified 828 oil & gas startups. The Global Startup Heat Map below highlights the 20 oil & gas startups you should watch in 2024 as well as the geo-distribution of all oil & gas startups & scaleups we analyzed for this research.

Based on the heat map, we see high startup activity in the USA and the UK, followed by India. These 20 startups work on solutions ranging from energy storage and drilling equipment to oil spill cleanup and production forecasting.

 

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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 20 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.

Discover 20 Oil & Gas Startups to Watch (2024)

Dinur Soft provides Smart Well Management

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UK-based startup Dinur Soft develops an AI-driven field management software for enhancing oil & gas field operations. Its AI Field platform offers predictive real-time analytics, providing data-driven recommendations for early action. It detects equipment anomalies, predicts unwanted events, and identifies production improvement opportunities. It also includes well monitoring to predict shutdowns and identify anomalies.

AI Field’s control feature assesses the effectiveness of measures taken, allowing for intelligent operational management. The technology incorporates machine learning to create digital twins and predictive models. Physical modeling and expert algorithms interpret simulated and actual events, improving decision-making processes. Additionally, the platform’s virtual flow meter predicts well production rates using indirect indicators. Dinur Soft thus maximizes production, minimizes costs, and reduces carbon footprint in oil & gas operations.

SulfiLogger streamlines Hydrogen Sulfide (H2S) Management

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Danish startup SulfiLogger provides H2S sensors for continuous hydrogen sulfide measurement. Its H2S sensor offers cost-optimized desulfurization and improved corrosion control by measuring hydrogen sulfide in natural gas streams. The sensors provide a dynamic overview of H2S levels, enabling precise control of scrubbing chemicals like triazines. They measure hydrogen sulfide post the first-stage oil and gas separator or around desulfurization processes.

The sensor eliminates the need for manual H2S tube sampling, ensuring continuous, long-term monitoring directly in the process stream. It measures accurately in gas, multiphase, injection water, and produced water, enhancing HSE compliance and corrosion control. This precise mapping of H2S levels leads to less pipeline corrosion, enabling proactive maintenance planning, and reducing costs and downtime. The H2S sensors require no preconditioning or system modifications. Moreover, they can be used in hazardous locations like Zone 0 (ATEX) and Class 1 Div 1.

RevSolz builds an ML-based Frac Software

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Canadian startup RevSolz makes a machine learning-driven frac software, Fracsol. It analyzes well data, identifying optimal completion parameters, and providing real-time recommendations for stimulation and well interference. The Fracsol OWM (Offset Well Monitoring) integrates various sensor systems for efficient operational surveillance using high-resolution data. This platform includes customizable alarms and interactive dashboards for real-time and historical data analysis.

Fracsol TWM (Treatment Well Monitoring) monitors treatment and offset wells in real time, providing recommendations to maximize stimulation while avoiding interference. Finally, Fracsol FDI (Fracture Driven Interactions) enhances understanding of stimulated rock volume (SRV), identifying and categorizing fracture interaction events in real time. This tool provides automated production impairment analysis and detailed insights into fracture interactions.

Z-Terra North simplifies Seismic Data Interpretation

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Canadian startup Z-Terra North offers advanced seismic solutions, addressing modern challenges in seismic data interpretation. The company’s proprietary SPRINT 6D Interpolation enhances imaging over the earth’s surface, overcoming limitations of 3D seismic acquisition. This method includes 6D angular weighted MWNI, offering de-aliasing capabilities and AVO friendliness, improving over conventional 5D MWNI methods.

Z-Terra North’s Diffraction Imaging uses its proprietary Z-XPRO software to preserve the diffracted wave field, optimizing the integrity of this wavefield. This imaging technique is applicable in both time and depth domains, aiding in visualizing subsurface structures like fractures and faults. The company’s Structural solutions provide imaging for complex ray paths, integrating near-surface tomography and advanced anisotropic imaging. Depth Processing involves anisotropic depth imaging, using accurate velocity modeling for imaging complex geological structures.

Telemetry Insight facilitates Oilfield Awareness

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USA-based startup Telemetry Insight makes Wellwatcher, an IoT device that enhances pumpjack production through AI-powered analytics. It simplifies oilfield operations by providing immediate notifications of pump outages and performance issues. Wellwatcher detects the pump’s position throughout each run cycle, utilizing this data for production analysis.

The device computes production information and stroke behavior, sending results to a secure cloud infrastructure for easy access. Wellwatcher’s proprietary software algorithms analyze stroke patterns. This way, telemetry Insight reduces downtime and optimizes pumpjack performance, focusing on enhancing field personnel efficiency.

Terra Sound advances In-ground Asset Protection

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USA-based startup Terra Sound enables advanced protection for in-ground oil & gas assets like pipelines against third-party intrusions and damages. Its product, SafeGuard, utilizes buried fiber optic cable as a sensor to detect acoustic vibrations signaling potential threats.

This system combines distributed acoustic sensing (DAS) hardware with proprietary software, providing detailed monitoring along the asset’s length. Terra Sound thus reduces risks of unauthorized activities like digging or tampering by enabling early detection. It also swiftly identifies high-pressure leaks, allowing for prompt response.

SynMax provides Fracking Intelligence

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USA-based startup SynMax enables oil & gas asset monitoring and fracking intelligence through its satellite data analytics. The company’s platform, Hyperion, offers near real-time frac crew monitoring. It utilizes proprietary satellite data to create short-term oil & gas production forecast models. With over 200 satellites collecting daily images, Hyperion ensures comprehensive and up-to-date data coverage. These models created by SynMax predict near-term changes in oil & gas production, enhancing industry insights.

10NetZero offers a Gas to Power Solution

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10NetZero is a USA-based startup that develops a gas-to-power solution to address the issue of natural gas wastage by converting it into electricity. This process not only generates economic value but also significantly reduces methane emissions. The solution offers a flexible, cost-effective approach to managing excess natural gas. It serves as a scalable, plug-and-play option for oil & gas operators to reduce emissions and align with ESG initiatives. Moreover, 10NetZero reduces the intensity of gas flaring, a common practice in the industry.

Crbon Labs promotes Oil & Gas Decarbonization

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Based out of Canada, Crbon Labs is a startup that empowers oil & gas corporations to actively reduce GHG emissions. They shut down low-producing oil and gas wells, effectively bringing together various stakeholders to further sustainability. The company ensures a measurable impact by equipping each well with measurement and IoT, providing clear data on the specific impact of each well’s shutdown.

Carbon Labs enables permanent reductions, facilitating the revival of natural ecosystems such as meadows, forests, and agricultural lands by permanently shutting down these wells. Traceability is a key aspect — it utilizes blockchain for the digital recording of data, including well location, emissions details, shutdown processes, restoration efforts, and the quantification of GHG reductions.

Red River Hub develops an Oil & Gas Mineral Rights Marketplace

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Red River Hub is a startup from the USA that builds a peer-to-peer online platform for buying, selling, and leasing oil & gas mineral rights. Sellers are able to list their mineral properties with documentation for sale or lease. Whereas, buyers use the platform to search listings, make offers, and complete transactions securely. Both buyers and sellers undergo a verification process, ensuring reliable and secure transactions. This way, Red River Hub increases transparency, liquidity, and efficiency in the oil & gas mineral market.

 

 

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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 2024!

 

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