Oil and gas companies backed more startup funding rounds in 2022 than the previous year, but the dollar valuation of deals fell by more than two thirds.

Oil and gas corporate venturers backed 182 startup rounds last year, up from 175 in 2021.  However, the total estimated dollar value of those deals stood at $9.26bn, a fraction of the estimated $28.28bn bumper deal value of 2021, when a flood of liquidity and accommodative monetary policy elevated valuations, amid buoyant public equity and M&A markets.

We only saw a few exits, reflecting a lack of appetite and overall bearishness in public equity and M&A markets.

Chart showing the growth of investments and exits of the O&G corporate peer group between 2016 and 2022

On sector-by-sector basis, the number of deals in cleantech and IT increased in 2022 but fell in areas like core oil and gas operations as well as transport and mobility.

Chart showing a breakdown of types of oil and… </p> <style> .fadeOut{ background: rgb(255,255,255); background: linear-gradient(0deg, rgba(255,255,255,1) 0%, rgba(255,255,255,0) 100%); margin-top:-350px; position: relative; z-index: 10; margin-bottom:30px; padding:50px; } .flex{ display:flex; justify-content:space-between; padding:10px 15px; background:#2e71b6; align-items:center; } .restricted-content{ box-shadow:0px 10px 20px rgba(0,0,0,0.4); padding:30px !important; } @media(max-width:1024px){ .hiddenWrap{ position: relative; height:600px; overflow:hidden; } .fadeOut{ padding-right:10px; padding-left:10px; margin-top:40px; height:auto; width:100%; height:600px; position: absolute; top:0px; left:0px; } .flex{ display: block; text-align:center; } .flex button{ margin-top:10px; } .restricted-content{ position: absolute; top:0px; left:0px; width:100%; height:auto; position: relative; } } </style> <div class=

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