Jun 25, 2020

Modernising oil & gas: BP Ventures invests in Satelytics

bp
BP Ventures
Satelytics
Oil and Gas
William Girling
2 min
BP
In a recent press release, BP Ventures announced that it would be investing USD$5mn in geospatial analytics software company Satelytics...

In a recent press release, BP Ventures announced that it would be investing USD$5mn in geospatial analytics software company Satelytics

Based in the cloud, the company’s technology features state-of-the-art technology utilising spectral imagery and machine learning (ML) algorithms to detect environmental changes such as leaks, which could prove a core asset in the bid to make oil and gas facilities safer.

Summarising the functions of its equipment, Satelytics details a seven-part process:

1. Data acquisition is carried out via a host of airborne sensors, including satellites, aircraft, drones and fixed platforms.

2. These sensors are able to detect light across the electromagnetic spectrum.

3. However, the sensors are designed to pick up on a limited band of frequencies in order to focus on specific phenomena. 

4. Advanced algorithms can then detect these phenomena from data contained in the pixels of the image.

5. ML-driven analytics can then recognise, catalogue and recommend a course of action for the incident.

6. All of this data analytics is rendered on Satelytics’ chosen cloud platform AWS.

7. The company’s dashboard provides the user with a richly detailed visualisation of the data and can be configured to notify people automatically via smart devices.

Commenting on his company’s satisfaction at having been selected by BP, 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.”

Developing safety in the industry

The $5mn investment from BP is part of the company’s larger goal of installing methane measuring equipment at all of its sites by 2023, which it hopes will lead to a 50% overall reduction in methane intensity. 

“Satelytics is modernising the energy sector by making data about physical assets more accessible and digestible, leading to better decision making,” said Morag Watson, Senior VP of digital science and engineering at BP.

“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.”

Furthermore, David Hayes, MD for BP Ventures Americas and COO, added that the investment indicated the company’s seriousness for tackling climate change and the industry environmental effects.

“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. 

“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,” he concluded.

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May 6, 2021

Global Offshore rebrands Enelift and invests in global hubs

Tubulars
rebrand
Globalhubs
Dominic Ellis
2 min
Enelift plans to augment existing solutions with robotics and remote operational and training technology

Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.

The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.

The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.

Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.

Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.

The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.

Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".

"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.

Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.

"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."

 

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