Intellectual PropertyIntellectual property rights and oil field service industry

December 10, 2012by Olufola Wusu0
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During exploration, extraction and even transportation of same, value is added to the unrefined oil and gas by technology, and other business practices that help process the extracts into useful and valuable consumer products.

Innovation, technology and business processes (Intellectual Property Assets) become valuable assets to a business organisation, when they are registered and competitors prevented from accessing and using proprietary innovation for free.

Owners of such Intellectual Property Assets may actively commercialise their assets by licensing them to companies willing to use these Intellectual Property Assets in exchange for a license fee. Such businesses often enjoy competitive advantages over their competitors, by virtue of increased revenue flow.

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Olufola Wusu

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