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/ Ultima / 2018/12 / abu-dubai-national-oil-company-to-use-blockchain-for-oil-tracking /
The Abu National Oil Company (ADNOC) said it had successfully collaborated with IBM on a pilot project for a blockchain-based oil and gas location system, according to the company's press release.
The project was announced at the World Energy Capital Assembly in London. During the event, ADNOC discussed their success in implementing advanced technologies in their business model and stated how cutting-edge technology can help "unlock new value from oil and gas resources. ".
The company noted how efforts are focusing on economic growth through energy in the fourth industrial era, a period in which "digital innovation is offering unprecedented levels of prosperity and driving demand for oil and gas".
Rationalization of the ADNOC system
ADNOC also wrote in the press release how the use of blockchain will reduce transaction times and promote operational efficiency.
Digital Unit Manager Abdul Nasser Al Mughairbi characterized technology as "a turning point in the game" and noted that using it would help the company achieve its 2030 smart growth strategy.
The pilot system provides a single platform for tracking financial values and the amount of bilateral transactions between the various ADNOC operating companies. In addition to oil, the system will be used to trace condensates of gases, liquids for natural gas and sulfur.
According to the press release, the expanded blockchain system will ultimately be linked to the client and investors to promote transparency and clarity in the business model of ADNOC.
Zahid Habib, Vice President of IBM's Chemicals and Petroleum Solutions, noted how the pilot points out how ADNOC is making "a huge leap forward in the origin of assets and financial assets, which, in the simplest terms, allows us to trace irrefutably every petroleum molecule, and its value, from good to customer. "
Blockchain is coming to oil and gas
Many in the industry have discussed how blockchain and cryptocurrency can make their way into the world of oil and gas.
In November, Oilfield Technology wrote about a project, Permiano Token, "an encrypted asset class that will support the holding of rights on the value of potential but undeveloped oil and gas reserves".
The company has implemented a series of partnerships with organizations in the field in an attempt to list about 250 million bbl of potential reserves on the network.
Later in the month, the world's first enterprise blockchain platform, VAKT, was launched in a private launch. The initial launch of the system is intended to negotiate BFOET crude oil contracts, but VAKT has indicated a desire to expand to all "physically traded energy goods".
