Blockchain Technology NEWS

The OOC Oil & Gas Blockchain Consortium has concluded a blockchain pilot with Data Gumbo for automating water management at the Bakken shale field in North Dakota. The trial was able to reduce process workflow to less than a week, down from 90-120 days. The OOC Consortium consists of ten prominent oil and gas players namely Chevron, ConocoPhillips, Equinor, ExxonMobil, Hess, Marathon Oil, Noble Energy, Pioneer Natural Resources, Shell and Repsol.

Oil supermajor, Saudi Aramco has bought into the blockchain-based trading platform Vakt through Saudi Aramco Energy Ventures, with $5 million in new shares. The platform, which will be used by Aramco Trading Co, specializes in post-trade processing. VAKT focuses on the key North Sea crude oil grades. The blockchain-based platform has a big founder list including oil majors BP, Equinor and Shell, and others.

In a regulatory filing, India’s Reliance Industries informed about acquiring 5.56% equity stakes in Vakt Holdings Ltd, UK (VHL). RIL spent USD 5 million to pick up stakes in the technology start-up, which is engaged in the technology space. A consortium of leading global energy majors, commodity traders and banks, VHL’s vision is to digitise the global commodities trading industry, through block chain.

Centrica, the British energy supplier, will launch a local energy market trial later this year using blockchain technology. There are high expectations that Blockchain could revolutionize the energy sector. The project will test a range of energy trading transactions including multi-party peer-to-peer trading between 200 businesses and residential participants.