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New U.S. Oil & Gas Blockchain Consortium

March 4, 2019

 

The Offshore Operators Committee (OOC) of the United States has formed a consortium focused on bringing the benefits of blockchain technology across the oil and gas industry supply chain. Blockchain technology is constantly sought out for its benefits to supply chain management for its ability to automate data collection, transactions and integrate financial transactions and contracts in real time with the movement of a product.

 

“Creating the OOC Oil & Gas Blockchain Consortium is a significant step toward establishing key blockchain standards, frameworks and capabilities for the oil and gas industry, Blockchain technology is a catalyst for reimagining the way we do business and this consortium represents a collaborative effort to explore the technology’s potential and leverage learnings to drive industry adoption.” - Rebecca Hofmann, chairman of the board of directors

 

The consortium will pool funding to be organized by a board of directors. The board was chosen from a the seven founding member companies: Chevron, ConocoPhillips, Equinor, ExxonMobil, Hess, Pioneer Natural Resources and Repsol.

 

Finding Common Ground

 

Overall, the initial focus is industry collaboration to bring common grounds for understanding the new technology and what it has to offer. Next the group will look to execute pilot projects of several multi-function use cases across the oil and gas value chain. Eventually, they plan to develop more focused technical Committees to drive industry alignment and harmonize blockchain-related standards. The group cites their objectives as:

 

  • Learn, lead and leverage emerging blockchain technology for the oil and gas industry by evaluating the technology, completing proofs of concept, and conducting pilots;

  • Explore the benefits and industry application of blockchain including faster transacting, reduced disputes, improved safety and lower costs;

  • Facilitate blockchain adoption through industry standardization of data, processes, security and compliance;

  • Drive standard setting through industry alignment on key blockchain components, including governance structures, smart contract parameters, consensus protocols and cryptology requirements.

 

The group has already established four aspects of the value chain to address with pilot projects in 2019. They will look to digitize Truck Ticketing on water hauling from wellsite to disposal site to lower costs and reduce the instances of dispute. The sharing and approval process of AFE Ballots will be piloted in a digital format as well, which will reduce the cycle time, increase transparency and eliminate the potential of disputes. The JIB Exchange process will be integrated with the receipt and payment process for similar benefits of reduced cycle time, costs and potential for disputes. As potentially the most long term impactful pilot, the group will look to automate digital rights ownership of seismic data, creating an accessible digital library of the data that is connect to live data feeds.Their research will not be limited to blockchain technology,  but also include related technologies that can enhance its potential:

 

“The consortium is eager to begin building a foundational network of business partners to collaboratively advance use cases within exploration, finance, IT, land, operations and supply chain, while also leveraging learnings amongst our members.” - JD Franke, vice-chairman of the board of directors.

 

 

By: BGN Editorial Staff

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