The role of innovation and technology in sustaining the petroleum and petrochemical industry*

•Reviews the role of innovation and technology in the P&P industry•Identifies the need for innovation and technology in the P&P industry•Reviews the concepts on invention and innovation•Summarises the quantifiable impact of innovation and technology

Innovation and Technology go hand in hand within the petroleum and petrochemical industry. Oil price volatility, geopolitics, and economic uncertainty, all contribute towards the continued need to innovate and technologically advance if petroleum and petrochemical companies are to survive in this highly competitive industry. This review paper looks at identifying the importance of innovation and technology in the petroleum and petrochemical industry by referring to evidence in the public domain. Thereafter, the focus shifts towards identifying both quantifiable and non-quantifiable impacts of technology and innovation within the petroleum and petrochemical industry.