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History
2020: Creation of consortium and development of the first project
At the beginning of June, 2020 it became known of creation of the OOC Oil & Gas Blockchain Consortium organization which participants integrated in work over a solutions blockchain for the oil and gas industry. The consortium already implemented one pilot blockchain project - together with Data Gumbo company the technology for automatic control of water resources on the Bakken's slate in Northern Dakota is created. During testing it was succeeded to reduce workflow from 90-120 days to less than one week.
OOC Oil & Gas Blockchain Consortium consists of ten famous players in the oil and gas industry, such as Chevron, ConocoPhillips, Equinor, ExxonMobil, Hess, Marathon Oil, Noble Energy, Pioneer Natural Resources, Shell and Repsol. In 2019 the Consortium signed the contract with Data Gumbo for use of the GumboNet blockchain platform for control of data on a sewage disposal.
The pilot project was carried out on five Equinor wells with participation of the company which is engaged in water supply and transportation and the companies on waste recycling. The consortium managed to reduce considerably time of processing of drain waters using a blockchain.
The project automated processing of 85% of data on measurement of volume of water and initiated smart contracts for the connected invoices, carrying out transactions on a measure of execution of works. Besides, a pilot project vzya on 25-35% of work of the operator and the motor transportation company.
 | Results of this pilot project show the possibilities of a blockchain capable to reduce costs, to increase efficiency, to provide transparency and to eliminate disputes in the oil and gas industry, - the chairman of oil and gas consortium OOC Rebecca Hofmann explained. |  |
The blockchain project strengthened cooperation between several service providers and reduced costs for all. GumboNet allowed all parties to browse the same data without the need for reconciliation. Data Gumbo states that it is a solution blockchain can save $3.7 billion a year within oil and gas business.[1]
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Notes
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