• Sun, 22 Sep 2019, 01:30 AM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

OOC Oil & Gas Blockchain Consortium selects Data Gumbo for managing water in Bakken oilfield

(Representative Image)

Wed, 11 Sep 2019, 04:55 am UTC

The OOC Oil & Gas Blockchain Consortium, which was established earlier this year under the not-for-profit organization Offshore Operators Committee (OOC), has awarded a contract to Data Gumbo for a blockchain pilot focused on water management in the Bakken shale field in North Dakota, Reuters reported.

The consortium aims to advance industry blockchain technology learnings for the purpose of driving industry standards, frameworks and capabilities. Founding members include Chevron, ConocoPhillips, Equinor, ExxonMobil, Hess, Pioneer Natural Resources and Repsol.

Founded in 2016, Data Gumbo is a Houston-based technology company that has developed the blockchain-as-a-service (BaaS) platform, called “GumboNet,” to streamline smart contracts for the oil & gas industry. In May 2019, it received a $6 million Series A equity funding round co-led by Saudi Aramco Energy Ventures and Equinor Technology Ventures.

The pilot will involve using Data Gumbo’s blockchain technology to automate payments, which are currently largely done manually and through third-party reporting which increases costs. In addition, GumboNet will be used for synchronizing data related to waste water disposal.

GumboNet automates contract executions and payments, freeing the international shipping chain from reliance on outmoded spreadsheets, email and fax.

Data Gumbo Chief Executive Andrew Bruce told Reuters that blockchain technology could lead to around $3.7 billion in cost savings annually for the oil and gas water business.

“There is going to be a huge amount of cost taken out of the whole supply chain,” he said.

Just recently, Sinochem Energy and Technology Co Ltd, a subsidiary of state-owned Chinese energy company Sinochem Group, was reported to be holding talks with Royal Dutch Shell and Macquarie Group to build an energy blockchain platform.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $9,984.00 (-1.90%)
  • Ethereum (ETH) $212.76 (-2.97%)
  • XRP (XRP) $0.285400 (-3.42%)
  • Bitcoin Cash (BCH) $308.55 (-2.54%)
  • Litecoin (LTC) $72.68 (-3.35%)
  • Bitcoin (BTC) $9,984.00 (-1.90%)
Sep 20, 2019 (Friday)
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: LTC/USD Technical Analysis Summary
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Azerbaijan's State Customs Committee seeks to exchange information with global counterparts via blockchain
Coinbase considers listing 17 new digital assets including Kadena and Telegram
Crypto Technicals: ETH/USD consolidates previous session's gains, bias bullish above 200-DMA
US Congress’ upcoming hearing with SEC to focus on cryptocurrencies and Libra
Crypto Technicals: BTC/USD retraces from 3-week lows, resumes range trade, bias neutral
Square Crypto taps former Google, Facebook and Lightning Labs execs for inaugural developer team
Crypto Technicals: XTZ/USD struggles at 200-DMA resistance (1.1209), break above to see further gains
Bank of America joins blockchain-based trade finance network Marco Polo
Patrick Byrne sells off his $100M Overstock stake to buy cryptocurrencies, blames 'deep state' and SEC
Early ethereum supporter Steven Nerayoff faces $12M cryptocurrency extortion charges
Crypto trader Genesis acquires Qu Capital to bolster trading technology
Crypto Technicals: IOT/USD Technical Analysis Summary
Pakistan's Faysal Bank becomes the country's first bank to adopt Ripple's xCurrent technology
All 7-Eleven stores in the Philippines now sell bitcoin, thanks to the new partnership of Abra, ECPay
Arab Bank Switzerland partners with Taurus to offer cryptocurrency services to its wealthy clients
IBM, Citibank, Ubisoft signed up as corporate partners of Singapore's blockchain accelerator Tribe
Sep 19, 2019 (Thursday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.