The OOC Oil And Gas Blockchain Consortium is in the cryptonews this afternoon for completing a blockchain pilot test that will automate payments for water handling based on oil. In short, the process of oilfield water handling requires the management of huge amounts of water that is extracted and injected during the process of oil and gas extraction.
According to the report from Reuters, the blockchain solutions implemented during this test cut the workflow process by nine steps, reducing the completion time from 120 days to 7 days only. The group also specified that during the test pilot, the solution automatically validated 85% of all volume measurements.
We can now see that the OOC Oil And Gas Blockchain Consortium is a 10-company oil and gas group which includes major firms such as Dutch Shell, ConocoPhillips and Equinor. The solutions for the pilot test were developed by a blockchain-as-a-service (BaaS) company funded by Saudi Aramco named the Data Gumbo Corporation.
As we can also see, this pilot was conducted along with Nuverra Environmental Solutions which handled the entire water disposal of oil wells that are owned by Equinor. In the blockchain news, we see that the successful completion of the test pilot across five Equinor wells in North Dakota has passed – and now the consortium plans to implement the blockchain solutions on production sites, too.
According to the chairman of OOC Rebecca Hofmann, the crash in oil prices during the COVID-19 outbreak has accelerated the blockchain implementation. As she estimated, the group could be adopting the solutions this year and thereby save millions of dollars.
“This could be adopted this year,” she said, adding savings could be in the millions of dollars. “Equinor and others in the consortium are seeing the value and investigating how this can be implemented to bring much needed cost savings back into their companies.”
The pilot test finished at the end of January. However, as Reuters informs, the process for moving forward with this technology has been accelerated due to the COVID-19 pandemic and the year’s crash in oil prices.
Anyways, the test pilot shows that there is massive use for blockchain even in industries like oil and gas.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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