BP Invests in Methane Leak-Detecting Software
BP's venture capital arm BP Ventures has invested $5mn in Satelytics, a cloud-based geospatial analytics software company, as part of efforts to halve the methane intensity of its operations, the UK major said on June 23.
Satelytics uses 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 methane releases or leaks. Its software then visualises these data sets on interactive displays that give end-users a clear and actionable picture of operations, and alert them to facility risks such as methane leaks.
BP's $5mn investment will enable Satelytics to develop its technology further, and expand its applications in the oil and gas industry. The technology will dovetail with BP's plan to install methane measurement equipment at all its major oil and gas processing sites by 2023, publish the data and then reduce methane intensity by 50%.
BP's drive to tackle methane emissions is part of plan to become a net zero emissions company by 2050. It plans to unveil a strategy for reaching this goal in September.
"Satelytics is modernising the energy sector by making data about physical assets more accessible and digestible, leading to better decision making," BP's senior vice president for digital science and engineering, Morag Watson, commented. "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."