OTAM - Oil Trading Analytics Monitor

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The OTAM project proposes an oil market data analysis solution in form of a SaaS platform with the aim to create more transparency in an otherwise opaque oil storage and shipping market. The inclusion of SAR based Sat-EO data will form a new dataset which can significantly enhance the existing oil analytics process, offering near real time measurements, opposed to traditional surveys from national statistics and agencies, hence it leads to better decision making and more transparent markets. The resulting user interface will be a separate application in the platform.

Users and their needs

OTAM targets the global oil market (oil traders and oil analysts). The current system of collecting global oil inventories by national statistics and agencies is lagged by 1-2 months and incomplete. The benefits are clear for replacing today's survey-based methodology with a system of direct observation, data science supported, unbiased measurements. The end users and their needs are:

  1. Oil Majors, Trading Houses, National Oil Cos, Banks, Integrated Oil Cos:
    Independent and timely assessment of oil stocks at oil fields and refineries
  2. Hedge Funds:
    General clarity on status of oil market through an independent oil stock data provider.
  3. Oil Producers:
    Oil stock situation at oil gathering stations close to oil fields.
  4. Refinery Cos:
    Oil stock status at refineries
  5. Various uses (Governments, Asset Manager, Private Equity, Consultancies, Airlines, Utilities):
    traceability of crude origins, ad-hoc investment decision support, oil market analysis.

Fifthteen companies from all the above categories are already using the existing OilX platform as beta testers.

Global service

Service/ system concept

OilX’s OTAM interface is being developed as a subscription service in the form of an app of for oil storage monitoring, which utilizes Sat-EO data for all crude oil producing and consuming countries. The final goal is to let the user monitor the stock level of oil storage tanks at tank level granularity for all the high significance tank farms (the mid-term goal is to offer tank farm level granularity). The SAR data will be optimally fused and contextualized to be presented to the targeted user (oil traders and oil analysts), whereas the monitored oil storage data will be further integrated with global oil supply and demand flows.

The system’s building blocks are:

  1. Three different data sources:
  • National Statistics / Customs data
  • Earth and Satellite base AIS data
  • Satellite SAR data
  • Data fusion and Machine Learning Algorithms
  • Contextualized dashboards to present the fused data
  • Space Added Value

    The vision is to create an entirely independent, accurate, complete, real time source of data for oil markets to improve transparency and increase efficiency in oil markets. To achieve that, OTAM is based on two main pillars:

    1. Exploitation of Sat-EO SAR and Optical processed information to estimate the crude oil stock variation based on floating-roof tanks, and
    2. Fusion of the Sat-EO data with automatic identification system (AIS) based cargo tracking data for higher contextualization into the existing workflows of the oil industry.

    The above pillars combined, help monitoring the full cycle of the oil supply chain and offer actionable insights to oil traders, in almost real time, opposed to the traditional time-lagged ways of national reports.

    Current Status

    Currently a tank by tank geospatial annotation of core tank farm locations including tank geometry features has been concluded and being further expanded to other sites.

    Furthermore, time series of stock changes at tank farm level have been created, based on SAR measurement, for the above annotated locations, using model trained on ground truth data.

    Upcoming additions are the tank by tank level granularity of the data, as well as the cross validation of stock change to AIS based cargo tracking, and the integration of the two info sources. The initiation of the user interface development is also about to start, which once complete will be added to the existing OilX platform, for client demo purposes.

    Prime Contractor

    OilX

    United Kingdom

    https://oilx.co/

    Subcontractor

    Project Managers

    Contractor Project Manager

    Florian Thaler
    OilX
    1 Fore Street, WeWork Moorgate Office 1021
    London
    EC2Y 9DT
    United Kingdom
    +44 (0) 203 950 0647

    ESA Project Manager

    Nil Angli
    Space Applications Engineer at the European Space Agency
    Harwell Campus, Didcot
    Oxfordshire
    OX11 0GD
    United Kingdom

    Status Date

    Updated: 09 July 2019 - Created: 09 July 2019