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The Abu Dhabi National Oil Company (ADNOC) has collaborated successfully with IBM to pilot a blockchain supply chain system, according to an ADNOC press release published on December 9th.
The note notes that ADNOC – a state-owned oil company in the United Arab Emirates (UAE) – is among the world leaders in the energy and petrochemical sectors, with a daily production of about 3 million barrels of oil and 10.5 cubic meters of natural gas .
The pilot project "provided a single platform that tracks the amounts and financial values of each bilateral transaction" between the companies involved that automate accounting, release reports.
The system was announced by the Head of the ADNOC Digital Unit, Abdul Nasser Al Mughairbi, at the recent World Assembly of Energy Capital in London. During the summit, he noted that "this could be the first application of the blockchain in oil and gas production". He then further illustrated his perception of the underlying technology at Mughairbi:
"Blockchain is a turning point: it will substantially reduce our operating costs by eliminating time-consuming and labor-intensive processes, by strengthening the marketing and trading of our products and creating sustainable long-term value."
Zahid Habib, a representative of IBM, said the system "allows you to trace irrefutably, every molecule of oil and its value, from good to customer." ArabianGazette also added that in the future, customers and investors will have access to data "provide a perfect integration between stakeholders".
The press release also noted what ADNOC hopes this system brings to the company and its customers:
"[The system] will reduce the time it takes to execute transactions between [its] operating companies and significantly increase operational efficiency throughout its value chain. Furthermore, it will improve the reliability of production data by allowing greater transparency in transactions. "
Cointelegraph reported earlier last week on the launch of a blockchain-based processing tool from the VAKT post-trade management platform, designed for an initial group of oil industry customers including giants such as BP, Equinor, Shell, Gunvor and Mercuria.
The global Abu Dhabi market also completed a test of a blockchain-based system earlier this week. The international financial free zone in the capital of the United Arab Emirates (UAE) would have successfully completed a pilot project for the Know Your Customer (KYC) project.
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