Artificial intelligence (AI) and internet of things (IoT) technology provider mIQroTech has announced that it is joining the Chevron Technology Ventures (CTV) Catalyst Program to further enhance the development of its smart sensors and AI technology.

Chevron Technology Ventures operates as a division of Chevron USA.

The mIQroTech technology applies AI and IoT technology to foresee pipeline leaks in order to improve operational efficiency and environmental safety.

It predicts pipeline leaks before they happen by monitoring the common causes of pipeline failure in real-time.

The sensor system is not dependent on leak-detection resources, such as radioactive materials, welding, and pipeline tapping, according to mIQroTech.

It efficiently reports monitoring results through a dashboard, which is accessed via a phone, computer, or tablet.

In 2017, CTV launched the Catalyst Program to improve the maturation of early-stage companies that work on technologies benefiting the oil and gas industry.

mIQroTech founder and CEO Meade Lewis said: “Our goal is to deliver a transformative change to the global oil and gas industry.

“Better data, analytics, and intelligence will add efficiencies to pipeline operations and empower more informed and faster decision-making. We appreciate that Chevron recognises our potential to deliver solutions to enable safer delivery of oil and gas.”

mIQroTech is headquartered in Tampa, Florida. It has manufacturing operations in Bellefonte, Pennsylvania, through a partnership with design services provider Homeland Manufacturing Services.

In May, Chevron reduced its 2020 capital expenditure budget by another $2bn, to $14bn, but has posted a healthy net profit of $3.6bn in this year’s first quarter results (Q1 2020).

Chevron Technology Ventures commissioned a pre-front end engineering design (pre-FEED) study in February to explore the potential of trialling Svante’s technology in its operations.