The tests concluded in January and, due to the current crisis in the oil sector, the consortium could be evaluating to apply more tests soon.
One of the largest oil groups in the United States of America recently announced that the pilot plan to test the software for the control of Distributed Ledger Technology was a success. This successful software is based on blockchain technology.
Some industry experts highlight that these results may be promising and that it represents an important path for using blockchain technology at major production sites.
In this case, the OOC Oil & Gas Blockchain Consortium, which is made up of renowned companies such as Exxon Mobil Corp., Repsol, ConocoPhillips, Royal Dutch Shell, inter alia, conducted proofs of concept of a blockchain tool that the Data Gumbo Corp created. This plan intends to control the payments made to obtain the necessary water for the oil and gas fields.
According to data that the group offered, the company specialized in water removal and extraction, Nuverra Environmental Solutions, was present during the test. The company was also centered on five Equinor-owned oil wells in North Dakota.
A brief explanation accompanied the announcement of the test. This explanation detailed the operation process of a blockchain network and compared it to an accounting book that can facilitate the conduct of transactions. Besides, the document clarified that if implemented, the system could help reduce costs, improve security, and optimize the time of operations.
On this point, the results of the tests highlighted that this technology helped to considerably reduce the time invested in the work, which, as the report emphasizes, in the traditional way could represent between 90, 100 and up to 120 days to complete.
The system was able to complete the same job in just 7 days. The group further commented that the new process eliminated nine steps that were necessary for the workflow and performed 85% of the volume measurements automatically.
Although the group noted that these tests only focused on the water transportation service, they did not rule out that they were planning to target the same technology to other areas of the industry. Spokespersons of the group commented that this technology is very versatile and that it only remains to ask what other sectors are most necessary for the oil sector.
Rebecca Hofmann, who is the Director of the OOC Oil & Gas Blockchain Consortium, mentioned that they concluded the tests in the past month of January. She said that, at that time, they had no plans to continue with the tests. However, the recent Covid-19 outbreak has forced the industry to rethink some methods, making it much more necessary to go ahead with the tests and plans.
Hofmann explained that the savings that this system could bring to the industry could reach millions, so “the industry could adopt this technology this year,” the executive said.
She also announced that Equinor executives and other members of the company could be evaluating the application of this system soon. “Equinor and others in the consortium are looking at the value and researching how it can be implemented to bring much-needed cost savings to their companies.”, she commented. This technology could continue growing.
By María Rodríguez
