There has been significant discussion surrounding the potential job losses in sectors like oil and gas due to the energy transition. However, it is crucial to highlight the job opportunities that could arise during this process.
For example, GeologicAI, a Canadian startup that initially served oil and gas clients, is a testament to this. Formerly operating under a different name, the company would receive core samples from underground drilling and assess whether significant reservoirs were present. They primarily served as a consulting business for big oil companies.
However, GeologicAI realized that consulting businesses have limited scalability. They decided to explore other applications of their technology through their participation in the Creative Destruction Labs accelerator based in Toronto. By scaling their sensor suite and machine learning algorithms, they could process a large quantity of core samples.
While oil and gas companies only scan small amounts of rock, there is a vast opportunity in the mining industry. With very large mines drilling hundreds of kilometers of core each year, there is a staggering amount of rocks worldwide that need to be scanned.
The challenge was that miners were not willing to pay the same rates as oil and gas companies. To address this, GeologicAI reevaluated their pricing and lowered it significantly, making it an irresistible option for miners.
