Orbital Insight Expands Coverage of Global Energy Product
(Thomson Reuters ONE) -
Monitoring To Include 25 Key Countries, Including OPEC
MOUNTAIN VIEW, Calif., Nov. 08, 2017 (GLOBE NEWSWIRE) -- Orbital Insight, a US-
based geospatial analytics company, today announced the general availability of
Orbital Insight Energy, with rolling country releases to complete the world's
top 25 oil markets, including all OPEC members, by the end of December 2017. The
product tracks the amount of oil being stored in floating roof tanks in a given
country, providing insight and unprecedented transparency into that nation's
overall oil storage. This expansion of the product increases its global
coverage, which previously included the U.S., China and Europe.
Using a proprietary combination of artificial intelligence and computer vision,
Orbital Insight has developed a highly accurate method to estimate a country's
oil storage by measuring shadows cast by individual oil tanks. The company
analyzes satellite imagery to find all the floating roof oil storage tanks
located in a particular country, and then uses algorithms to calculate the
fluctuations in the volume of oil in those tanks.
This expanded product coverage has already yielded meaningful insights,
including finding 624 total floating roof storage tanks in Saudi Arabia alone,
nearly double the 318 reported by industry database TankTerminals.com. The
official source for oil data in OPEC is the Joint Organisations Data Initiative
(JODI), which provides data for oil stocks stored in Saudi Arabia, comprised of
floating roof tanks and other storage modalities. From 2013 to 2015, there was a
positive directional trend between JODI data for total Saudi oil storage and
Orbital Insight's analysis of floating roof tank storage amounts. This positive
directional trend suggests that estimated storage for floating roof tanks is an
actionable proxy for tracking overall changes in total oil stocks, and is the
indicator oil industry experts trust for U.S. and Europe oil data.
However, Orbital Insight noticed an abrupt change in Q1 2016. While JODI has
shown overall Saudi storage as decreasing steadily since then, by about 70
million barrels, Orbital Insight's numbers do not reflect those storage cuts.
Instead, Orbital Insight has seen floating roof tank storage slightly increase
by 2 million barrels over the same time period.
"The initial results we've seen from Orbital Insight Energy across key oil-
producing countries are exceptionally robust," said Dr. James Crawford, founder
and CEO of Orbital Insight. "Our technology provides customers data that's
grounded in observable truth for a notoriously difficult-to-track commodity."
Orbital Insight Energy is available today as a subscription service through a
web-based user interface or by RESTful API.
About Orbital Insight
Orbital Insight develops geospatial analytics to help its clients unlock
societal and economic trends at a global scale. The company sources petabytes of
satellite, drone, balloon and other unmanned aerial vehicle (UAV) data. Using
computer vision and machine learning technologies, it processes and interprets
this data to create insights and intelligence enabling businesses, governments
and NGOs to make better decisions. Learn why Fast Company voted Orbital Insight
one of the most innovative companies of 2017 at www.orbitalinsight.com.
Contact
The Bulleit Group
Rachel Chibidakis
press(at)orbitalinsight.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Orbital Insight via GlobeNewswire
Datum: 08.11.2017 - 15:25 Uhr
Sprache: Deutsch
News-ID 567248
Anzahl Zeichen: 4148
contact information:
Town:
Mountain View
Kategorie:
Business News
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