By: Chelsea Goddard & Stuart Farris

Overview

Carbic brings machine learning (ML) and Internet of Things (IoT) innovation to the oil patch to simultaneously reduce operating costs and GHG emissions.

• Their sensors allow oil and gas producers to catch wasteful leaks that account for hundreds of millions in lost revenue annually and reduce overall operational costs.
• Their sensors provide real-time flow volume, pressure, and temperature information that oil and gas companies can use to optimize their operations, reducing production costs, and emitting less GHG in the process.

Intro

The rapidly growing share of fossil fuel, electric utility, and automotive companies adopting ambitious climate commitments reveals that many are beginning to accept their role in the climate crisis we all face. Companies are starting to receive pressure from their financiers, like JPMorgan, who are distancing themselves from “companies that do not align their operations with the Paris climate accord” and countries — from Europe to China — are adopting ambitious emission targets⁹. Yet, the path to carbon neutrality or 100% renewable energy can be significantly harder for certain emissions heavy industries. The fossil fuel industry is an obvious example, as the entire process is carbon-intensive. Extraction, transportation, and use of their products all generate GHG emissions. Some O&G companies, like BP and Shell, are trying to reinvent themselves by shifting from vertically integrated hydrocarbon companies to more broadly focused energy companies that invest heavily in wind, solar, and biofuels. With that said, there are more straightforward changes that fossil fuel companies can make that don’t require a complete shift in their business models. …