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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.

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