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Consortium of Oil & Gas Operators Awards Blockchain Pilot Contract

Gasoil News - Published on Mon, 16 Sep 2019

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The Offshore Operators Committee Oil & Gas Blockchain Consortium has awarded Data Gumbo its first contract to implement a pilot blockchain in water haulage. This pilot is the first industry wide use of a blockchain-native network for water haulage, and the consortium will tap the power of GumboNet for real-time data transparency and accuracy, and automation of contract payments. The pilot is being conducted in the Bakken shale. Rebecca Hofmann, chairman of the OOC Oil & Gas Blockchain Consortium, said that Blockchain is a promising instrument for industry collaboration in oil & gas benefiting all connected parties. This pilot with Data Gumbo is a significant step towards our goal of proving non-manned volume validations can trigger automated payments to vendors. The consortium looks forward to leveraging learnings from this pilot, and establishing key blockchain frameworks and guidelines for the oil & gas industry, maximizing opportunities to reduce costs, increase timeliness and eliminate disputes.

The OOC Oil & Gas Blockchain Consortium includes 10 oil & gas member companies, Chevron, ConocoPhillips, Equinor, ExxonMobil, Hess, Marathon, Noble Energy, Pioneer Natural Resources, Repsol and Shell, that have partnered to study and define blockchain use cases across the industry value chain to solve common pain points. The consortium, residing under the Offshore Operators Committee, aims to build a foundational network of business partners to collaboratively advance blockchain technology within exploration, finance, IT, land, operations and supply chain, while leveraging learnings among members for broader adoption by the industry.

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Posted By : Rabi Wangkhem on Mon, 16 Sep 2019
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