BP Ventures has invested $5 million in Satelytics, a cloud-based geospatial analytics software company that uses advanced spectral imagery and machine learning to monitor environmental changes, including methane emissions, the company said on June 23.
Satelytics collects high-resolution spectral imagery from the planet’s surface using satellites, drones, and planes. Its technology combines these images with proprietary algorithms to create unique electromagnetic signatures that can be used to detect environmental changes, including releases or leaks. Its software visualizes these data sets on interactive displays that give end-users a clear and actionable picture of operations, and alert them to facility risks, like methane leaks.
BP’s $5 million investment will enable Satelytics to develop its technology further and scale its applications throughout the oil and gas sector. Use of the technology has the potential to be part of BP’s aim to install methane measurement at all major oil and gas processing sites by 2023, publish the data and then drive a 50% reduction in methane intensity of its operations.
“Satelytics is modernizing the energy sector by making data about physical assets more accessible and digestible, leading to better decision making. We are excited to work closely alongside their unique team of scientists and technologists to help them evolve their technology and to continue to move the needle on industry digitalization,” Morag Watson, BP senior vice president of digital science and engineering, said.
Through its venturing business, BP is making strategic investments in innovative, game-changing technologies and businesses that can help it reimagine the global energy system.
“Earlier this year we announced our ambition to become a net zero company by 2050 or sooner, and to help the world get to net zero. As part of our ambition, one of our 10 aims relates to methane measurement at all of our major oil and gas processing sites by 2023 and reducing methane intensity of our operations by 50%. Advanced technologies such as Satelytics, integrating multiple approaches to efficiently detect emissions, have the potential to be a valuable tool that can support this work,” David Hayes, BP ventures managing director for the Americas and COO, said.
2023-09-29 - The oil and gas rig count, an early indicator of future output, fell by seven to 623 in the week to Sept. 29.
2023-09-29 - The two contracts with Vår Energi significantly reinforces Baker Hughes’ industry leadership and growth trajectory.
2023-09-29 - Exxon and Hess' exit comes as the producers focus on their larger and highly productive Stabroek block, where more than 11 Bbbl of oil and gas have been discovered so far
2023-09-28 - Shale legend Dick Stoneburner walks Hart Energy's Jordan Blum through his pivot from the U.S. to Australia with Tamboran Resources and his confidence in the Beetleloo Basin compared to the Permian in this Hart Energy LIVE Exclusive.
2023-09-28 - A number of contracts have been awarded in support of the Rosebank oil field’s Phase 1 development.