Canada funds AI platform for oil and gas supply chain [UPDATE]
The government of Canada, through Sustainable Development Technologies Canada (SDTC), said November 29 it would invest C$1.2mn (US$940,000) into Toronto-based Validere Technologies to help it commercialise a data-driven platform that will boost supply chain efficiencies for oil and gas producers.
Validere wants to transform the energy supply chain to be commercially and environmentally efficient while helping Canada navigate the transition to sustainable energy. Its AI-powered platform helps oil and gas companies better manage their core operations, boost energy efficiency and minimise their carbon footprint.
It is partnering in the pilot project with Xpansiv, Pacific Canbriam Energy and Clearstone Engineering. Xpansiv is a global virtual marketplace for ESG-inclusive commodities and recently facilitated, with Pacific Canbriam, Macquarie Energy Canadian and S&P Global Platts, in the inaugural trade of methane performance certificates. Clearstone is an international process and environmental engineering firm specialising in air emission assessments.
Validere says it will use the SDTC investment to advance its environmental commodities initiative, with the goal of creating a preferred market for lower emissions natural gas.
“Accurate data is critical to understanding the energy trade-offs globally that are involved in minimising emissions while providing reliable energy for every aspect of life,” Validere senior vice president Mark Le Dain said. “This funding allows Validere to accelerate its ESG Hub, which acts as the data layer for environmental commodity markets.”
Through the ESG Hub, Validere and its partners will capture, validate, and transfer additional data on each natural gas molecule, including emissions like methane, allowing buyers to purchase the most responsibly-sourced gas. Xpansiv maintains the integrity of the dataset registry, removing the risk of double-counting and ensuring transparency for buyers seeking to create demand for emissions reductions, while Clearstone calculates the emissions profile associated with the field-level data provided by Validere.
“For Canadian producers, this is a great opportunity as they hold an abundance of resources that are developed responsibly,” Le Dain said.
Pacific Canbriam president Paul Myers said the project will enhance the transparency of its responsibly-sourced gas – certified by Equitable Origins and its EO100 process – for its customers.
“We always strive to produce even more sustainable energy and continuously seek out new technology to further reduce global greenhouse gas emissions,” he added.