World-leading, new-generation continuous real-time quantitative gas leak monitoring system to significantly reduce costs;
Strategic investment aimed at accelerating the commercial application of the technology in the oil and gas industry and other industrial fields;
First continuous real-time quantitative methane leaks monitoring system in China successfully built and operated, leading to huge potentials for commercialization and business growth
Recently, OGCI China Climate Investments (“CCI”) completed its strategic investment in Ningbo Oiler Technology Company Limited ("Oiler" or the "Company").
Oiler was founded in January 2023, but the founding team of the Company has been working on the Optical Gas Imaging (OGI) technology for many years. Leveraging OGI technology combined with advanced quantitative algorithms, the Company has developed a revolutionary product solution enabling 24 x7 real-time automatic detection, rapid tracking and accurate quantification of methane leaks, which is a new-generation real-time quantitative monitoring product outstanding in the industry. The Company is committed to discovering, positioning, quantifying and reducing excess emissions and leaks of methane (and other carbon-based gases) in industrial scenarios more efficiently with lower costs through innovation in intelligent and visualized quantitative gas monitoring technologies and algorithms. The key priorities are to:
Help clients improve their GHG emissions management efficiency from the perspectives of applicability and economy
Lay the technological foundation for the verification of China’s methane emissions reduction data
Promote fulfillment of methane emissions reduction commitments of the international oil and gas industry and China’s emissions reduction goals under the China Methane Emissions Control Action Plan
Accelerate the upgrading of oil and gas enterprises towards intelligent and low-carbon production and operations to reduce methane leaks in oil and gas production, storage, transportation and sales, thereby contributing to the realization of China's strategic goal of carbon peaking by 2030.
“Oiler is honored to receive the strategic investment of CCI. With the support of our strategic investors, we will accelerate the integration with the industrial upgrading in the large-scale commercial application of the automatic leak monitoring, precise tracking and AI algorithm-based quantification of methane and other gases. Our technologies have unique potential in the quantitative methane monitoring market in China and overseas, able to realize precise positioning and real-time quantitative monitoring of methane with a significantly lowered equipment cost, which can lay the technological foundation for precise verification in the MRV of methane emissions and for associated methane control actions. We have successfully completed the construction of the demonstration project of the first continuous real-time quantitative methane monitoring equipment in China and put it into operation. Additionally, we have deployed new products including handheld equipment in the field of multi-gas monitoring in chemical and other diversified application scenarios. We look forward to working with CCI to better promote GHG emissions reduction in the oil and gas industry”, Said Fu Bo, Chairman of Oiler.
He Hongxu, Chairman of China Oil and Gas Climate Investments, the General Partner of CCI, said: “CCI’s mission is to invest in innovative technologies and commercial solutions that have significant impact on climate change. We are pleased to announce the strategic investment in Oiler as an important investment of CCI in the field of methane emissions reduction, which is a key investment area of CCI. The quantifiable OGI technology/product developed by Oiler is a cost-effective methane monitoring and quantification technology highly aligned with our investment strategy and will promote the oil and gas industry to improve the transparency of GHG emissions in the natural gas supply chain and contribute to the substantive actions against climate change. We look forward to Oiler executing its planned upgrades around optical imaging, machine vision and AI image training technologies that will enable it to become a global leader in the field of quantitative methane monitoring.”