PALM BEACH, Fla., Sept. 17, 2024 (GLOBE NEWSWIRE) -- FN Media GroupNews Commentary - The use of Unmanned Aerial Vehicles (UAV's) is growing rapidly across many civil application domains, including real-time monitoring, providing wireless coverage, remote sensing, search & rescue, delivery of goods, security & surveillance, precision agriculture, and civil infrastructure inspection. The growth of the UAV market is fundamentally influenced by the evolution of technologies that include advancements in lightweight composite materials that enhance flight duration and efficiency, and developments in high-resolution imaging sensors that expand application possibilities. The integration of sophisticated data analytics and machine learning algorithms has significantly improved UAV intelligence, enabling autonomous operations. Additionally, improvements in communication systems, allowing for enhanced command and control capabilities, and the advancement of battery technology for longer operational ranges, are crucial. These factors collectively contribute to the escalating adoption and versatility of UAVs in various sector. A report from MarketsAndMarkets said: "The UAV volume is projected to grow from 5.42 million units in 2024 to 7.51 million units in 2029. The overall UAV (Drone) Market (OEM+ aftermarket) to be USD 30.2 billion in 2024 and is projected to reach USD 48.5 billion by 2029, at a CAGR of 9.9% from 2024 to 2029." The report said: "Drones are particularly important for inspecting difficult-to-reach locations at certain altitudes or in contaminated surroundings. The use of drones has modernized telecommunication tower scrutiny as they can be used to carry out supervision of these towers cost-effectively and in less time. Drones can also be employed for aerial evaluation of buildings and other infrastructure such as pipelines, electric grids, offshore plants, and solar plates. They can use thermal imaging cameras to detect hotspots on solar plates; spots where energy is not spreading evenly. This can enhance the productivity of solar power plants by the instant identification of potentially problematic areas." Active companies in the markets this week include: Draganfly Inc. (NASDAQ:DPRO) (CSE:DPRO), Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation's (NYSE:XOM), ConocoPhillips (NYSE:COP), Occidental Petroleum Corporation (NYSE:OXY).
MarketsAndMarkets continued: "In the UAV (Drone) market ecosystem, key stakeholders range from major aircraft seat providers to private enterprises, distributors, suppliers, retailers, and end customers like airlines and aircraft manufacturers. Influential forces shaping the industry include investors, funders, academic researchers, distributors, service providers, and defense procurement authorities. This intricate network of participants collaboratively drives market dynamics, innovation, and strategic decisions, highlighting the complexity and vitality of the UAV (Drone) sector."
Draganfly Inc. (NASDAQ:DPRO) (CSE:DPRO) and Nightingale Security Selected by Fortune 25 Oil and Gas Company to Develop Autonomous Drone-in-a-Box Remote Sensing Solution - Draganfly and Nightingale to Deliver Automated Drone Solution for Oil and Gas Monitoring- Draganfly Inc. (FSE: 3U8A) ("Draganfly" or the "Company"), an award-winning industry-leading drone solutions and systems developer, along with Nightingale Security, a leader in robotic aerial security, have been selected by a major oil and gas company to develop a fully automated UAS solution for infrastructure monitoring. This project marks a significant step in leveraging advanced UAS remote sensing technology to enhance operational efficiency and safety in the oil and gas sector.
The integrated solution will feature the Draganfly APEX, an advanced UAV platform designed for robust performance with a variety of payloads and peripherals. Equipped with a custom sensor package, the solution will incorporate Optical Gas Imaging (OGI), Tunable Diode Laser Absorption Spectroscopy (TDLAS), thermal, and RGB sensors. This combination will allow real-time monitoring of critical infrastructure, enabling detection of leaks, emissions, and structural abnormalities with high precision.
The first phase of this project involving sensor validation and selection has been completed, with demonstration and in-field testing to occur through the end of the year. As part of future phases of the project, the Draganfly APEX will integrate with Nightingale Security's innovative Drone in a Box flight software, leveraging Nightingale's industry-leading automation developed for security applications, to deliver a fully automated advanced remote sensing system. This integration will enable the oil and gas company to monitor infrastructure in remote, hazardous, and RF-challenged environments, ensuring continuous surveillance and quick response to potential issues.
Jack Wu, CEO of Nightingale Security, commented, "Our mission at Nightingale has always been to deliver real-time situational awareness and to focus on Drone as a First Responder (DFR). Partnering with Draganfly allows us to focus on our DFR missions while delivering an advanced remote sensing solution by integrating their APEX drone with our base station that enables autonomous operation. The combined solution will drive innovation in critical infrastructure monitoring. Together, we are not only improving operational oversight but also empowering industries to reduce risks and ensure safety in even the most challenging environments."
Cameron Chell, CEO of Draganfly, added, "We are thrilled to collaborate with Nightingale Security on this transformative project. The integration of the Draganfly Apex with this custom sensor suite and Nightingale's innovative Drone in a Box capabilities underscores the versatility and reliability of our platform in tackling some of the most complex industrial challenges. This solution will not only streamline infrastructure monitoring but also enhance safety and environmental compliance." CONTINUED…Read this full press release and more news for Draganfly at:https://draganfly.com/news/
Other recent developments in the markets of note include:
Chevron Corporation (NYSE:CVX) recently announced that it started water injection operations at two projects to boost oil and natural gas recovery at the company's existing Jack/St. Malo and Tahiti facilities in the deepwater U.S. Gulf of Mexico, where Chevron operations produce some of the world's lowest carbon intensity oil and gas.
"Delivery of these two projects maximizes returns from our existing resource base and contributes toward growing our production to 300,000 net barrels of oil equivalent per day in the U.S. Gulf of Mexico by 2026," said Bruce Niemeyer, president, Chevron Americas Exploration & Production. "These achievements follow the recent production startup at our high-pressure Anchor field, reinforcing Chevron's position as a leader in technological delivery and project execution in the Gulf."
Exxon Mobil Corporation's (NYSE:XOM) News: His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has witnessed the signing of an agreement today that ADNOC will acquire a 35% equity stake in Exxon Mobil Corporation's proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas.
The agreement represents a significant investment in the United States' (U.S.) energy production and the global energy transition. It will help reduce greenhouse gas emissions across hard-to-decarbonize sectors, including industry, energy and transportation, meet rising demand for lower-carbon fuels, and accelerate a net-zero future.
Contingent on supportive government policy and necessary regulatory permits, the facility is expected to be the world's largest of its kind upon startup, capable of producing up to 1 billion cubic feet (bcf) daily of low-carbon hydrogen, which is virtually carbon-free with approximately 98% of carbon dioxide (CO2) removed and more than 1 million tons of low-carbon ammonia per year. A final investment decision (FID) is expected in 2025 with anticipated startup in 2029.
Marathon Oil Corporation (MRO) announced recently that it received the necessary stockholder approval for Marathon Oil's pending merger with ConocoPhillips (NYSE:COP). Marathon Oil will file the vote results of the special stockholder meeting in a Form 8-K with the U.S. Securities and Exchange Commission (the "SEC"). Marathon Oil and ConocoPhillips continue to expect the transaction to close late in the fourth quarter of 2024, subject to regulatory clearance and other customary closing conditions.
Marathon Oil is an independent oil and gas exploration and production (E&P) company focused on four of the most competitive resource plays in the U.S. - Eagle Ford, Texas; Bakken, North Dakota; Permian in New Mexico and Texas, and STACK and SCOOP in Oklahoma, complemented by a world-class integrated gas business in Equatorial Guinea. The Company's Framework for Success is founded in a strong balance sheet, ESG excellence, and the competitive advantages of a high-quality multi-basin portfolio.
1PointFive, a wholly owned subsidiary of Occidental, Occidental Petroleum Corporation (NYSE:OXY), recently announced that the U.S. Department of Energy's Office of Clean Energy Demonstrations (OCED) will provide up to $500 million to support the development of the South Texas Direct Air Capture (DAC) Hub. The award is a milestone in furthering commercial-scale DAC in the United States and validation of Occidental and 1PointFive's ability to use their decades-long expertise in carbon management to accelerate the vital climate technology.
The funding will be provided in multiple tranches. The initial award of $50 million will advance 1PointFive's ongoing work at the South Texas DAC Hub. Upcoming activities include engineering, permitting, the procurement of long-lead equipment and continued community engagement to further 1PointFive's community benefits plan. The total award value for the South Texas DAC Hub is expected to be up to $500 million for the initial DAC facility at the site, and potentially increased up to $650 million for the development of an expanded regional carbon network in South Texas.
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