ExxonMobil, Chevron and Shell implement a blockchain for management of water use at oil production

In the middle of September, 2019 the consortium of the oil companies, including ExxonMobil, Chevron and Royal Dutch Shell announced a blockchain system implementation, intended for management of water use at oil production on the Bakken's fields in Northern Dakota (USA).

The consortium of the oil and gas companies signed the contract for start of the blockchain platform created by Data Gumbo company. This solution is used by a blockchain for automation of payments and also for control of data on drain waters. One of consortium members, the Norwegian state company Equinor, expects to save up to 25% on the expenses connected with utilization of drain waters.

Consortium of the oil companies announced a blockchain system implementation, intended for management of water use at oil production

By estimates, in the USA through 180,000 active wells more than 2 billion gallons of liquid collateral oil products daily download. The CEO of Data Gumbo Andrew Bruce claims that optimization of utilization of these products due to failure from contractors by calculation of water use and taxes can save the industries to 30% of expenses. It is supposed that use of blockchain technologies will help to save oil and gas corporations at itself up to $3.7 billion a year.

The consortium of the oil and gas companies considering possible ways of use of blockchain technologies in this industry was created in February, 2019. The American companies ExxonMobil, Chevron, ConocoPhillips, Pioneer Natural Resources, Hess, the Norwegian company Equinor and the Spanish company Repsol became founder members. This group hopes that the pilot project will lay a way for wider use of a blockchain to the industries. Meanwhile the Data Gumbo company gets a financial support from Saudi Aramco Energy Ventures, venture capital unit of Aramco state oil company, and Equinor Technology Ventures, division of Equinor.^[1]

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