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June 23, 2020

BP Ventures invests in geospatial analytics firm for methane leaks

BP's investment arm BP Ventures has invested $5m in a Cloud-based geospatial analytics software firm Satelytics.

By Himaja Ganta

BP’s investment arm BP Ventures has invested $5m in a Cloud-based geospatial analytics software firm Satelytics.

The new investment in the geospatial analytics firm will help the oil and gas major spot methane leaks.

Satelytics uses advanced spectral imagery and machine learning (ML) to monitor environmental changes, which also include methane emissions.

It leverages satellites, drones, and planes to gather spectral imagery from the planet’s surface to detect changes in the environment.

These high-resolution images are combined with proprietary algorithms to develop ‘unique electromagnetic signatures’.

This aids in identifying changes in the environment and detecting emission releases or leaks.

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BP digital science and engineering senior vice-president Morag Watson 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.”

According to BP, the investment will also enable Satelytics to further develop its technology.

Satelytics chief executive Sean Donegan 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.”

In February this year, BP announced it will achieve net-zero greenhouse gas emissions ‘by 2050 or sooner’.

In January 2019, BP Ventures invested £5m in an artificial intelligence (AI) technology firm Belmont Technology in an effort to bolster the company’s AI and digital capabilities in its upstream offshore business.

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