Chevron Technology Ventures (CTV) is one of many innovation and venture arms that have popped up in oil and gas companies. They seek to invest in innovative technologies that help make oil and gas more efficient as well as carbon management solutions and climate tech. 

How does one find and evaluate “innovation”? In an industry where it seems like we’ve been having the same conversations for 30 years—and yet at the same time are announcing new tech every day—CTV has its criteria for identifying and investing in innovation. 

Members of Chevron’s innovation team, Sarath Ketineni and Saptarshi Dasgupta, shared in the Journal of Petroleum Technology how they identify, evaluate, and champion innovative projects, companies, and technologies. Read the full JPT article here. 

CTV has questions they ask, due diligence they perform, and conversations they have about which ideas are deemed investable. When an opportunity meets the innovation criteria, Chevron invests and, in their words: “Bring external innovation to Chevron, and Chevron to external innovation.”

If necessity is the mother innovation, perhaps funding is the father.