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.
More
  • Bitcoin (BTC) $9,118.77 (+2.68%)
  • Ethereum (ETH) $176.01 (+3.59%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $362.15 (-0.99%)
  • Bitcoin SV (BSV) $261.14 (-3.65%)
  • Bitcoin (BTC) $9,118.77 (+2.68%)
Jan 17, 2020 (Friday)
13:42
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:42
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:50
Crypto dealer SFOX announces new service for investors and wealth managers
11:10
Binance in talks with TaoTao and Z Corporation for strategic partnerships in Japan
10:09
Crypto Technicals: NEO/USD set to scale new highs, 200-DMA breakout confirms bullish trend
10:08
Crypto exchange Gemini launches own insurance company "Nakamoto"
09:29
eToro, Radar and OKCoin join Coinbase-led Crypto Rating Council
08:55
Huobi joins Blockchain Turkey Platform (BCTR)
08:21
U.S. authorities urged to investigate crypto use in funding domestic terrorism and extremism
07:38
Calibra, Anchorage, Bison Trails executives elected to Libra’s new technical steering committee
07:01
Crypto Technicals: LTC/USD bounces off 5-DMA support, eyes next major hurdle at 200-DMA (65.43)
07:01
U.S. lawmakers seek tax exemption for crypto transactions under $200
06:19
Former CFTC Chair launches Digital Dollar Project in partnership with Accenture
05:56
Crypto Technicals: ETH/USD resumes upside after brief pause, eyes 23.6% Fib at 174.83
04:46
Uzbekistan to launch national mining pool and licensed cryptocurrency exchange
04:27
Crypto Technicals: BTC/USD extends sideways below 200-DMA, bias bullish
04:21
Garanti BBVA conducts real-time blockchain transfers using Takasbank's BiGA Platform
Jan 16, 2020 (Thursday)
13:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:51
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:21
Litecoin Foundation, BlockFi partner to bring more liquidity to users
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft