Large oil and gas companies could forgo conventional payment systems in favor of blockchain-powered solutions – after a consortium of ten companies, including energy giants such as Royal Dutch Shell and Exxon successfully conducted a pilot with the water treatment of oil fields on an American shale field.
Per Reuters, the group is known as the OOC Oil & Gas Blockchain Consortium, and also includes ConocoPhillips, Equinor and Repsol. The companies partnered with a blockchain provider Data Gumbo on the pilot.
In the test, the companies automated payments for oil treatment water treatment activities on the Data Gumbo platform at five Equinor wells in North Dakota, and also involved a water removal company Nuverra Environmental Solutions.
OOC Consortium claimed that the platform enabled companies to reduce the processes from “90 to 120 days” to just one week, eliminating nine steps – and automatically validating 85% of the volume measurements.
The OOC consortium claims that it completed the pilot in January and wants to use the platform for ‘other raw materials and services’, with the aim of rolling out ‘this year’.
The same news agency quoted the consortium as stating that falling oil prices and the corona virus pandemic had made the upcoming rollout more urgent.
The move comes just days after the Russian energy giant Gazprom announced it Gazprom Neft subsidiary had successfully completed a pilot with Russian Central bank‘S own Masterchain blockchain network.
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