A Blockchain-Test for Oil – and Gasbetreiber has been successfully completed
The Blockchain could be saved by implementation of sums in the millions, such as the OOC-Chairman tells
The Oil and Gas Blockchain Consortium of the Offshore Operators Committee (OOC) was known to have been successful in a Blockchain-Software tested. The Test was focused on distributed ledgers, which are used in the automation of water flow of payments. The usual time required for the process could be reduced by Blockchain from 90 to 120 days to under a week. The promising results of the pilot project announced this Morning. At the same time, the Oil and gas industry was included in the list of the areas which develop an increasing interest in Blockchain-based solutions.
The pilot project was conducted on the Bakken shale field in North Dakota in OOC and the Texas-based Blockchain-as-a-Service-firm Data Gumbo. With on Board water disposal company Nuverra Environmental Solutions was. The OOC, ten key players of the Oil and gas industry are connected. Are represented, among others, Chevron, ConocoPhillips, Equinor, ExxonMobil, Hess, Marathonöl, Noble Energy, Pioneer Natural Resources, Shell, as well as the provider of Repsol. The project included a total of five Equinor fountain, the participation of a water logistics and transportation company, and a Midstream-disposal company.
The handling process in terms of oilfield water require management of large amounts of water that must be extracted in the Oil and gas, or fed. In the framework of the Tests implemented in the Blockchain-solution eliminated nine steps in the work process, which reduced the time required for the completion of the project dramatically.
The group mentioned at the same time, the Blockchain-based network have been validated, 85% of all volume measurements automatically and intelligent contracts for the account of transactions is triggered. This allows the release of the payment after the completion of the Work. Furthermore, it was possible to the operator and the trucking company, 25% to 30% of free resources.
Oil & Gas Blockchain Consortium co-chair Rebecca Hofmann said: “The results of this pilot project show that it is not manned volume validations can trigger automated payments to suppliers. Significantly ways to use the technology of the Blockchain to reduce costs, increase efficiency and transparency and at the same time, disputes in the Oil and gas industry to resolve be also.“
She adds, the process for the further development of the technology will be accelerated by the Coronavirus pandemic, caused oil prices decline again. Hofmann implies more, the introduction could be done until the end of the year, in addition, the industry could reach through the solution to savings in the millions. “Equinor and other consortium members recognize the value and investigate options for implementation and the Return of much-needed cost savings in their businesses,” concludes Hofmann your comments.
The solution not only improved the cooperation between different service providers, but proved to be a total for all the Stakeholders as cost-effective. In addition, all Involved parties have transparency, and any voting-need to be eliminated. After the success of the project for use will now be reported, the OOC plan an extended Blockchain, in order to develop solutions also for other Goods and services.
