Updated: Jun 27, 2021
Terrabotics' Energy SCOUT product featured in a recent article by the European Space Agency....
Demand for oil has collapsed due to the coronavirus pandemic just as supply is about to strengthen because of a dispute between Russia and Saudi Arabia. As a result, oil prices have sunk to levels not seen since 2002.
As storage tanks around the world fill up, ESA-backed companies are using satellite data to map the flow of oil across the globe through shipping channels and pipelines in almost real time. The analysis allows producers, traders and governments to support the economy by taking informed decisions about the fuel that powers industry and heats homes.
"Gareth Morgan is founder and director of Terrabotics, which was founded in London in 2014 to monitor global natural resources supply chains throughout their lifecycles, and which has received ESA funding and business support.
The company uses data from Earth observation satellites to watch the construction of oil and gas wells, waiting for tell-tale signs that they are about to start production. It provides market intelligence to commodities traders, competitive intelligence to other companies working in the region and objective reporting to investors."
Read the full article here at ESA Business Applications: https://www.esa.int/Applications/Telecommunications_Integrated_Applications/Satellites_map_the_global_flow_of_oil