“We started this company to work on the hardest problems,” said Palantir COO Shyam Sankar. “Helping deliver energy more safely and efficiently, in a disrupted market, while supporting the transformation of a business the size and scale of BP, is exactly what we built this platform to do.”
Data Analytics Software Assists BP’s Net Zero Goals
In February 2020, the oil and gas company announced its “ambition” to become a net-zero company by 2050 at the latest. To achieve this goal, the business plans to cut the carbon intensity of its products in half, invest more into non-oil and gas businesses, and cut methane and carbon emissions from its existing oil and gas production operations.
Palantir’s business is responsible for powering BP’s “digital twin applications.” The energy company utilizes these applications to simulate its real-world wells and oil plants and inform important engineering decisions.
“Apex is a production optimization tool that makes use of integrated asset models,” petroleum engineer Giuseppe Tizzano said. “But, it is also a formidable surveillance tool that can be used in the field to spot issues before they have major effects on production.”
The data analytics software company, which posted a revenue of $289.4 million in Q3 2020, hopes to use these applications to help BP reach its net-zero goals by optimizing sources of green energy, including wind farms and electric charging networks.
A Trend of Oil and Gas Companies Going Green
BP is not the only company in the oil and gas business making a transition to more renewable sources of energy and net-zero operations. Last year, Royal Dutch Shell announced its own plans to become a net-zero emissions business by 2050. Shell boasts a market cap of $140.91 billion against BP’s $70.17 billion. ExxonMobil also revealed its plans to reduce emissions late last year.
In the wake of the extension of Palantir’s partnership with BP, the data company saw its stock prices rise by up to 9.5% to just under $35 per share. The business has observed a 36.2% increase in share price since the beginning of 2021.
Data analytics company Palantir announced that it will extend its partnership with oil and gas giant BP for another five years. The data tech company aims to use its software to help BP reach its net-zero goals by optimizing alternative energy grids and sources. After the announcement, Palantir’s stock price rose by 9.5% at its peak.
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.