BP ventures has invested US$5mn in cloud-based geospatial analytics software company Satelytics as part of its strategy to deploy a suite of complementary methane detecting techniques across new and existing facilities
Satelytics uses satellites, drones, and planes to collect high resolution spectral imagery from the planet’s surface.
Its technology combines these images with proprietary algorithms to create unique electromagnetic signatures which can be used to detect changes in the environment, including releases or leaks. Its software visualises these data sets on interactive displays that provide a clear and actionable picture of operations for end-users and alerts them to facility risks, such as methane leaks.
The investment of US$5mn from BP will allow Satelytics to further develop its technology and scale its applications across the oil and gas sector. Using the technology has the potential to be part of BP’s goal of installing methane measurement at all major oil and gas processing sites by 2023, publishing the data and then driving a 50 per cent reduction in its operations’ methane intensity.
Morag Watson, BP senior vice-president of digital science and engineering, said, “Satelytics is modernising 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 digitalisation.”
Sean Donegan, CEO of Satelytics, said, “BP’s early use of our detection and quantification software has inspired us to expand our capabilities. BP’s investment marks an inflexion point for Satelytics, which will assist us in expanding our technological capabilities and fuel future innovation.”
David Hayes, BP ventures managing director for the Americas and chief operating officer, commented, “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 per cent. 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.”