OOC Blockchain Consortium Completes Blockchain Pilot Test To Automate Payments For Oilfield Water-Handling
OOC Blockchain Consortium Completes Blockchain Pilot Test To Automate Payments For Oilfield Water-Handling
June 4, 2020
OOC Blockchain Consortium Completes Blockchain Pilot Test To Automate Payments For Oilfield Water-Handling
OOC Blockchain Consortium Completes Blockchain Pilot Test To Automate Payments For Oilfield Water-Handling
June 4, 2020

The OOC Oil & Gas Blockchain Consortium has completed a blockchain pilot test to automate payments for oilfield water-handling, as the process of oilfield water-handling requires the management of the huge amount of water extracted and injected during the process of oil and gas extraction.

It has been reported by Reuters that the blockchain solutions implemented during the test cut short the workflow process by nine steps, eventually reducing the completion time from 120 days to just one week.

In addition, the group specified that during the test, the blockchain solution automatically validated 85% of all volume measurements.

The OOC Oil & Gas Blockchain Consortium is a 10-company oil and gas group including major firms such as:

  • Dutch Shell
  • Equinor
  • ConocoPhillips

The blockchain solutions for the pilot test were developed by the Data Gumbo Corporation, a Saudi Aramco-funded Blockchain-as-a-Service company.

As per the report, the pilot was conducted in partnership with Nuverra Environmental Solutions, which handled the water disposal of oil wells owned by Equinor. After the successful completion of the test across five Equinor wells in North Dakota, the consortium now plans to implement the blockchain solutions on production sites. 

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Also, the consortium may implement blockchain across other commodities and services.

Rebecca Hofmann, the chairman of the OOC Blockchain Consortium, noted that the crash in oil prices during the COVID-19 pandemic has accelerated blockchain implementation.

Thus, she estimated that the group could be adopting the solutions this year as it could potentially save millions of dollars.

Source: Cointelegraph | Image: Pixabay


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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