OilX wins Earth Observation Start-up Award 2022 by EARSC

OilX is excited to announce that it has been awarded the Start-up 2022 Award by the European Association of Remote Sensing Companies (EARSC) in Brussels.

Each year, EARSC recognises companies’ performance, partnerships and outstanding products for their exemplary contribution to the European Earth Observation ecosystem through the EARSC Awards campaign. The awards are drawn from various categories and are judged by renowned international experts. The Start-Up Award recognises the company considered in that year to have made a significant impact and a new business model in the EO Services sector in Europe.

“We are honoured and humbled to receive this award. This EARSC Award is a boost for OilX to get our mission heard. Providing data transparency on energy supply chains has become critical to the world’s economy and this award will push us even harder to bring even more transparency”, said Nikos Argyropoulos, OilX’s Remote Sensing Data Scientist, in his acceptance speech. “OilX is a company that offers data analytics on the oil energy supply chain that helps a global client base from corporate and governmental sectors to make informed decisions based on data.”

OilX has completed two ESA-funded projects that leverage EO data. The first one uses SAR imagery from the Sentinel-1 programme, developed in cooperation with Aresys, to monitor the oil storage levels at oil tank farms at key strategic hubs around the world. The latest OilX product, which was released in April 2022, relies on optical imagery from the VIIRS satellites to detect and quantify flaring over oil fields and oil refineries to assess their operational status. OilX has also developed some smaller projects for internal use such as dark vessel detection to track tankers in sanctioned countries, and optical change detection to monitor the development of newly built refineries. Furthermore, OilX contributes the European Crude Oil Storage Index to the ‘Rapid Action Coronavirus Earth Observation’ (RACE) dashboard. RACE is developed by ESA in partnership with the European Commission and is demonstrating the unique contribution of Earth Observation, in particular from the Copernicus Sentinel programme, to monitor and understand the impact of the pandemic on society, in particular on economy and the environment. 

Winning this award would not be possible without OilX’s EO partners from Aresys, the European Space Agency (ESA), and Geospatial Insight. Thank you!

Nikos Argyropoulos, OilX’s Remote Sensing Data Scientist, accepting the EARSC Award on behalf of OilX in Brussels.
About OilX

Established in 2018, OilX combines advanced data science and satellite technology with extensive oil analytics knowledge to create the first digital oil analytics platform. Headquartered in London, OilX has more than 15 years of oil analytics experience across oil majors, investment banks and hedge funds at the highest level. For more information, visit

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EARSC, the European Association of Remote Sensing Companies, is a membership-based, not for profit organisation which coordinates and promotes the activities of European companies engaged in delivering Earth observation-derived geo-information services. EARSC represents this sector in its broadest sense, creating a network between industry, decision makers and users and covering the full EO value chain from data acquisition through processing, fusion, analysis to final geo-information products & services. For more information, visit