Venture companies play an important role in creating innovative technologies in the upstream of oil and natural gas development. The technical field is extensive, such as analysis of production fluid based on the genetic analysis of underground microorganisms and drilling by plasma energy. On the other hand, notable in upstream digital transformation is the rise of venture companies offering digital solutions such as equipment failure prediction using advanced analysis techniques. Looking at trends in corporate venture capital (CVC), which is a form of venture investment by oil companies, the number of investments in oil and gas technologies that are synergistic with core business is on the increase. In the upstream ecosystem, the importance of venture companies creating innovative services/products is expected to increase further.