MOSCOW (MRC) -- BP’s venture affiliate is investing USD5m in Satelytics, a US cloud-based geospatial analytics software company that uses advanced spectral imagery and machine learning to monitor environmental changes such as methane emissions, said the company.
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 visualises 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 USD5 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.
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, chief executive 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."
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.
As MRC informed earlier, BP and Reliance Industries Limited (RIL) have announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility Limited (RBML). Following initial agreements in 2019, BP and RIL teams have worked closely over the past few months in a challenging environment to complete the transaction as planned. BP has paid RIL USD1 billion for a 49% stake in the joint venture, with RIL holding 51%.
Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).
According to MRC's DataScope report, PE imports to Russia dropped in January-June 2020 by 7% year on year to 328,000 tonnes. High density polyethylene (HDPE) accounted for the main decrease in imports. At the same time, PP imports into Russia rose in the first six months of 2020 by 21% year on year to 105,300 tonnes. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.